Patrick Industries (NASDAQ:PATK) Price Target Raised to $90.00 at Robert W. Baird

Patrick Industries (NASDAQ:PATK) had its price target boosted by Robert W. Baird from $84.00 to $90.00 in a research report released on Friday,Benzinga reports. Robert W. Baird currently has a neutral rating on the construction company’s stock.

Several other equities analysts have also recently commented on the company. Raymond James Financial reduced their target price on Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. KeyCorp cut their price objective on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Truist Financial upped their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Wall Street Zen raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. Finally, Roth Mkm reissued a “buy” rating and issued a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.42.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $89.07 on Friday. The company has a 50 day moving average of $85.04 and a 200 day moving average of $87.02. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25. The stock has a market cap of $2.98 billion, a P/E ratio of 21.36, a P/E/G ratio of 1.29 and a beta of 1.22. Patrick Industries has a 12 month low of $69.86 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period last year, the firm earned $1.79 EPS. As a group, sell-side analysts forecast that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were issued a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.80%. Patrick Industries’s payout ratio is 38.37%.

Insider Activity

In related news, Director Todd M. Cleveland acquired 1,000 shares of the firm’s stock in a transaction dated Tuesday, June 3rd. The shares were purchased at an average price of $82.75 per share, for a total transaction of $82,750.00. Following the completion of the acquisition, the director now owns 133,286 shares in the company, valued at approximately $11,029,416.50. This represents a 0.76% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director John A. Forbes sold 2,875 shares of the firm’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the transaction, the director now owns 52,591 shares in the company, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 14,071 shares of company stock valued at $1,205,964. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its holdings in shares of Patrick Industries by 51.3% during the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock worth $770,000 after purchasing an additional 3,143 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after buying an additional 195,138 shares during the period. Nuveen Asset Management LLC boosted its holdings in Patrick Industries by 495.5% in the fourth quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company’s stock valued at $28,730,000 after acquiring an additional 287,739 shares in the last quarter. Xponance Inc. boosted its holdings in Patrick Industries by 13.8% in the fourth quarter. Xponance Inc. now owns 3,070 shares of the construction company’s stock valued at $255,000 after acquiring an additional 372 shares in the last quarter. Finally, IFP Advisors Inc increased its position in Patrick Industries by 35.8% during the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after purchasing an additional 275 shares during the period. 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.