Patrick Industries (NASDAQ:PATK) Price Target Raised to $135.00 at BMO Capital Markets

Patrick Industries (NASDAQ:PATK) had its price target raised by BMO Capital Markets from $125.00 to $135.00 in a report issued on Friday, Benzinga reports. The firm currently has an outperform rating on the construction company’s stock.

A number of other brokerages also recently commented on PATK. Roth Mkm restated a buy rating and issued a $126.00 target price (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. KeyCorp upped their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an overweight rating in a research note on Friday. Truist Financial upped their target price on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a buy rating in a research note on Friday. Finally, Robert W. Baird upped their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an outperform rating in a research note on Friday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $124.83.

Patrick Industries Trading Down 3.1 %

NASDAQ:PATK traded down $3.95 during mid-day trading on Friday, hitting $121.86. 265,727 shares of the stock traded hands, compared to its average volume of 181,234. The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 0.92 and a beta of 1.65. Patrick Industries has a 52 week low of $70.15 and a 52 week high of $136.00. The firm’s 50 day moving average is $113.04 and its two-hundred day moving average is $111.09. The company has a quick ratio of 0.96, a current ratio of 2.29 and a debt-to-equity ratio of 1.19.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating the consensus estimate of $2.04 by $0.12. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The firm’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.94 EPS. On average, equities research analysts predict that Patrick Industries will post 8.07 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a $0.55 dividend. The ex-dividend date was Monday, June 3rd. This represents a $2.20 annualized dividend and a dividend yield of 1.81%. Patrick Industries’s payout ratio is presently 32.59%.

Institutional Investors Weigh In On Patrick Industries

Hedge funds have recently modified their holdings of the business. US Bancorp DE lifted its position in Patrick Industries by 1.3% during the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after acquiring an additional 95 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in Patrick Industries by 1.4% during the fourth quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock valued at $880,000 after acquiring an additional 117 shares during the last quarter. FORA Capital LLC lifted its position in Patrick Industries by 2.9% during the first quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after acquiring an additional 128 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in Patrick Industries by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 18,209 shares of the construction company’s stock valued at $2,175,000 after acquiring an additional 236 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in Patrick Industries by 6.5% during the first quarter. ProShare Advisors LLC now owns 4,254 shares of the construction company’s stock valued at $508,000 after acquiring an additional 258 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.