Patrick Industries (NASDAQ:PATK) Reaches New 1-Year High – Time to Buy?

Patrick Industries, Inc. (NASDAQ:PATK) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $120.87 and last traded at $120.19, with a volume of 855803 shares trading hands. The stock had previously closed at $119.34.

Analysts Set New Price Targets

PATK has been the topic of several recent analyst reports. Weiss Ratings cut shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Patrick Industries in a research report on Friday, October 31st. KeyCorp reiterated an “overweight” rating and set a $120.00 price target (up previously from $115.00) on shares of Patrick Industries in a research report on Wednesday, December 10th. Benchmark increased their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Finally, Loop Capital initiated coverage on Patrick Industries in a research report on Friday, October 31st. They set a “hold” rating and a $99.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $109.89.

Patrick Industries Stock Performance

The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34. The business’s 50-day moving average is $109.14 and its 200-day moving average is $105.68. The company has a market capitalization of $4.00 billion, a PE ratio of 34.34, a PEG ratio of 1.25 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $975.63 million for the quarter, compared to analysts’ expectations of $900.35 million. Patrick Industries had a return on equity of 12.44% and a net margin of 3.11%.The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.80 EPS. On average, research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.6%. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Monday, December 1st. Patrick Industries’s dividend payout ratio is presently 53.71%.

Insider Buying and Selling at Patrick Industries

In other news, CEO Andy L. Nemeth sold 25,000 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the transaction, the chief executive officer directly owned 301,641 shares in the company, valued at $34,688,715. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.40% of the stock is owned by insiders.

Institutional Trading of Patrick Industries

Several institutional investors have recently bought and sold shares of PATK. Hennion & Walsh Asset Management Inc. raised its holdings in Patrick Industries by 4.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock worth $269,000 after buying an additional 98 shares during the last quarter. Congress Asset Management Co. grew its holdings in shares of Patrick Industries by 2.5% during the fourth quarter. Congress Asset Management Co. now owns 132,946 shares of the construction company’s stock valued at $14,415,000 after buying an additional 3,181 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Patrick Industries by 12,134.2% during the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after acquiring an additional 257,245 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Patrick Industries in the 4th quarter worth approximately $320,000. Finally, Park Avenue Securities LLC lifted its position in Patrick Industries by 15.3% in the 4th quarter. Park Avenue Securities LLC now owns 2,724 shares of the construction company’s stock valued at $295,000 after acquiring an additional 362 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.