Patrick Industries (NASDAQ:PATK) Price Target Cut to $115.00 by Analysts at KeyCorp

Patrick Industries (NASDAQ:PATK) had its price target lowered by KeyCorp from $125.00 to $115.00 in a research note released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the construction company’s stock.

A number of other research analysts have also recently commented on the company. Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Robert W. Baird set a $110.00 target price on Patrick Industries in a research note on Friday, May 1st. Roth Capital set a $128.00 target price on shares of Patrick Industries in a research note on Tuesday, May 5th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $150.00 price target (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $119.75.

Patrick Industries Trading Up 1.3%

PATK stock opened at $86.42 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. Patrick Industries has a twelve month low of $81.29 and a twelve month high of $148.50. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 22.16 and a beta of 1.11. The firm’s fifty day simple moving average is $88.07 and its two-hundred day simple moving average is $107.15.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. The firm had revenue of $997.17 million during the quarter, compared to analyst estimates of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business’s revenue was down .6% on a year-over-year basis. During the same quarter last year, the business earned $1.11 EPS. As a group, analysts anticipate that Patrick Industries will post 4.63 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s dividend payout ratio (DPR) is 48.21%.

Insiders Place Their Bets

In related news, Director M Scott Welch purchased 10,050 shares of Patrick Industries stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average cost of $88.23 per share, with a total value of $886,711.50. Following the transaction, the director owned 156,000 shares in the company, valued at approximately $13,763,880. The trade was a 6.89% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacob R. Petkovich acquired 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $95.57 per share, with a total value of $124,241.00. Following the completion of the purchase, the insider directly owned 46,290 shares in the company, valued at $4,423,935.30. The trade was a 2.89% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders bought 28,700 shares of company stock worth $2,532,880. Insiders own 3.80% of the company’s stock.

Institutional Trading of Patrick Industries

Several hedge funds have recently modified their holdings of PATK. Mackenzie Financial Corp grew its holdings in Patrick Industries by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock worth $231,000 after purchasing an additional 80 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Patrick Industries by 4.1% during the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after purchasing an additional 88 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in shares of Patrick Industries by 4.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock worth $269,000 after purchasing an additional 98 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Patrick Industries by 1.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock worth $821,000 after purchasing an additional 100 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in Patrick Industries by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock worth $2,725,000 after buying an additional 154 shares during 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.