Patrick Industries (NASDAQ:PATK) Hits New 52-Week High Following Analyst Upgrade

Posted by Defense World Staff on Jul 18th, 2023

Patrick Industries, Inc. (NASDAQ:PATK – Get Free Report) reached a new 52-week high during trading on Monday after KeyCorp raised their price target on the stock from $80.00 to $90.00. The company traded as high as $84.39 and last traded at $84.17, with a volume of 29772 shares. The stock had previously closed at $83.51.

A number of other research firms have also recently commented on PATK. StockNews.com started coverage on Patrick Industries in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Bank of America increased their target price on Patrick Industries from $53.00 to $63.00 in a research note on Monday, March 27th. Finally, Truist Financial increased their target price on Patrick Industries from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.17.

Insider Activity at Patrick Industries

In related news, Director Todd M. Cleveland sold 20,000 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $70.15, for a total transaction of $1,403,000.00. Following the sale, the director now directly owns 89,237 shares of the company’s stock, valued at $6,259,975.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Patrick Industries news, Director Todd M. Cleveland sold 2,500 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $69.09, for a total value of $172,725.00. Following the transaction, the director now directly owns 125,416 shares of the company’s stock, valued at $8,664,991.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd M. Cleveland sold 20,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $70.15, for a total value of $1,403,000.00. Following the completion of the transaction, the director now directly owns 89,237 shares in the company, valued at $6,259,975.55. The disclosure for this sale can be found here. Insiders have sold 66,100 shares of company stock valued at $4,846,359 over the last ninety days. Insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Arizona State Retirement System boosted its position in Patrick Industries by 2.3% in the fourth quarter. Arizona State Retirement System now owns 6,129 shares of the construction company’s stock worth $371,000 after purchasing an additional 136 shares during the last quarter. Advisor Group Holdings Inc. raised its stake in shares of Patrick Industries by 2.8% in the first quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock worth $333,000 after buying an additional 149 shares during the period. Copeland Capital Management LLC raised its stake in shares of Patrick Industries by 28.6% in the fourth quarter. Copeland Capital Management LLC now owns 701 shares of the construction company’s stock worth $42,000 after buying an additional 156 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Patrick Industries by 12.1% in the third quarter. Public Employees Retirement System of Ohio now owns 1,800 shares of the construction company’s stock worth $79,000 after buying an additional 195 shares during the period. Finally, Federated Hermes Inc. raised its stake in shares of Patrick Industries by 37.3% in the first quarter. Federated Hermes Inc. now owns 751 shares of the construction company’s stock worth $52,000 after buying an additional 204 shares during the period. 91.94% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

The firm has a 50 day moving average price of $74.49 and a 200 day moving average price of $70.81. The company has a quick ratio of 0.98, a current ratio of 2.87 and a debt-to-equity ratio of 1.37. The stock has a market cap of $1.88 billion, a P/E ratio of 8.23, a P/E/G ratio of 4.05 and a beta of 1.91.

Patrick Industries (NASDAQ:PATK – Get Free Report) last posted its quarterly earnings data on Thursday, April 27th. The construction company reported $1.35 EPS for the quarter, topping the consensus estimate of $1.33 by $0.02. Patrick Industries had a return on equity of 27.78% and a net margin of 5.53%. The firm had revenue of $900.10 million for the quarter, compared to the consensus estimate of $834.46 million. During the same quarter last year, the company earned $4.54 earnings per share. The business’s revenue for the quarter was down 32.9% compared to the same quarter last year. On average, analysts forecast that Patrick Industries, Inc. will post 6.83 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 26th. Stockholders of record on Monday, June 12th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Friday, June 9th. Patrick Industries’s dividend payout ratio (DPR) is currently 17.56%.

About Patrick Industries

(Get Free Report)

Patrick Industries, Inc manufactures and distributes components, building 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.