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Patrick Industries (NASDAQ:PATK) Given New $65.00 Price Target at Truist Financial

Financial News Live · Sep 27, 2022 03:31

Patrick Industries (NASDAQ:PATK – Get Rating) had its target price decreased by Truist Financial from $80.00 to $65.00 in a report issued on Friday, The Fly reports. Truist Financial currently has a buy rating on the construction company's stock.

Other analysts have also issued research reports about the stock. TheStreet lowered shares of Patrick Industries from a b- rating to a c+ rating in a research note on Thursday, July 14th. StockNews.com lowered shares of Patrick Industries from a buy rating to a hold rating in a research note on Tuesday, May 31st. DA Davidson began coverage on shares of Patrick Industries in a research note on Friday, August 26th. They issued a neutral rating and a $65.00 price target for the company. Finally, KeyCorp lifted their price target on shares of Patrick Industries from $65.00 to $68.00 and gave the stock an overweight rating in a research note on Monday, August 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $70.20.

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Patrick Industries Trading Down 0.2 %

NASDAQ PATK opened at $43.50 on Friday. The firm has a market capitalization of $994.58 million, a price-to-earnings ratio of 3.02, a PEG ratio of 0.38 and a beta of 1.95. The company's 50 day moving average price is $55.39 and its 200 day moving average price is $58.08. Patrick Industries has a one year low of $42.31 and a one year high of $88.79. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.02 and a current ratio of 2.58.

Patrick Industries (NASDAQ:PATK – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The construction company reported $5.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.42 by $1.89. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.23 billion. Patrick Industries had a net margin of 6.92% and a return on equity of 45.44%. On average, sell-side analysts predict that Patrick Industries will post 13.59 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 29th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 3.03%. The ex-dividend date was Friday, August 26th. Patrick Industries's dividend payout ratio (DPR) is 9.17%.

Insider Activity

In related news, Chairman Todd M. Cleveland sold 20,000 shares of Patrick Industries stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $63.42, for a total transaction of $1,268,400.00. Following the sale, the chairman now directly owns 131,737 shares in the company, valued at $8,354,760.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 6.10% of the company's stock.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently bought and sold shares of PATK. Millennium Management LLC raised its position in Patrick Industries by 908.3% in the second quarter. Millennium Management LLC now owns 384,664 shares of the construction company's stock worth $19,941,000 after acquiring an additional 346,513 shares in the last quarter. BlackRock Inc. raised its holdings in Patrick Industries by 5.8% during the 1st quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company's stock worth $222,602,000 after buying an additional 201,274 shares during the period. Vanguard Group Inc. raised its holdings in Patrick Industries by 6.4% during the 1st quarter. Vanguard Group Inc. now owns 1,627,903 shares of the construction company's stock worth $98,163,000 after buying an additional 97,558 shares during the period. Nomura Holdings Inc. raised its holdings in Patrick Industries by 1,065.2% during the 1st quarter. Nomura Holdings Inc. now owns 92,189 shares of the construction company's stock worth $5,629,000 after buying an additional 84,277 shares during the period. Finally, ExodusPoint Capital Management LP acquired a new stake in Patrick Industries during the 2nd quarter worth about $4,251,000. 89.86% of the stock is currently owned by institutional investors.

About Patrick Industries

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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, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.