Patrick Industries (NASDAQ:PATK) Price Target Cut to $105.00 by Analysts at Truist Financial

Patrick Industries (NASDAQ:PATK) had its price objective cut by Truist Financial from $110.00 to $105.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the construction company’s stock.

Several other analysts have also recently weighed in on the stock. Benchmark reissued a “buy” rating and issued a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. BMO Capital Markets increased their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. KeyCorp raised their price target on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Raymond James lowered their target price on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research note on Friday, November 1st. Finally, StockNews.com upgraded Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, January 1st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $92.63.

Patrick Industries Price Performance

PATK stock opened at $82.82 on Tuesday. The company’s 50-day moving average price is $86.49 and its two-hundred day moving average price is $85.83. The firm has a market cap of $2.78 billion, a P/E ratio of 11.90, a P/E/G ratio of 1.69 and a beta of 2.26. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries has a 12 month low of $60.67 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. During the same quarter in the previous year, the business posted $1.21 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, analysts anticipate that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were paid a dividend of $0.40 per share. The ex-dividend date was Monday, November 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.93%. Patrick Industries’s dividend payout ratio (DPR) is presently 34.48%.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the transaction, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently modified their holdings of the business. Natixis Advisors LLC lifted its holdings in Patrick Industries by 41.7% during the second quarter. Natixis Advisors LLC now owns 15,283 shares of the construction company’s stock worth $1,659,000 after acquiring an additional 4,497 shares during the period. Arizona State Retirement System grew its position in Patrick Industries by 3.1% during the second quarter. Arizona State Retirement System now owns 5,957 shares of the construction company’s stock valued at $647,000 after buying an additional 178 shares during the period. BOKF NA grew its position in Patrick Industries by 3.7% during the second quarter. BOKF NA now owns 4,848 shares of the construction company’s stock valued at $526,000 after buying an additional 172 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in Patrick Industries during the second quarter worth about $22,460,000. Finally, Hsbc Holdings PLC boosted its stake in Patrick Industries by 57.9% in the second quarter. Hsbc Holdings PLC now owns 4,348 shares of the construction company’s stock valued at $469,000 after acquiring an additional 1,594 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.