Recent Analysts’ Ratings Updates for Patrick Industries (PATK)

by · The Markets Daily

A number of research firms have changed their ratings and price targets for Patrick Industries (NASDAQ: PATK):

  • 11/14/2024 – Patrick Industries was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
  • 11/4/2024 – Patrick Industries had its “buy” rating reaffirmed by analysts at Benchmark Co.. They now have a $145.00 price target on the stock.
  • 11/1/2024 – Patrick Industries had its price target lowered by analysts at Raymond James from $160.00 to $136.00. They now have an “outperform” rating on the stock.
  • 11/1/2024 – Patrick Industries had its price target raised by analysts at BMO Capital Markets from $150.00 to $155.00. They now have an “outperform” rating on the stock.
  • 10/23/2024 – Patrick Industries had its price target raised by analysts at KeyCorp from $135.00 to $150.00. They now have an “overweight” rating on the stock.
  • 10/1/2024 – Patrick Industries is now covered by analysts at Raymond James. They set an “outperform” rating and a $160.00 price target on the stock.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $129.68 on Wednesday. Patrick Industries, Inc. has a one year low of $80.62 and a one year high of $148.35. The stock has a market cap of $2.90 billion, a PE ratio of 18.63, a price-to-earnings-growth ratio of 1.36 and a beta of 1.62. The business’s fifty day moving average price is $136.57 and its two-hundred day moving average price is $123.77. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41.

Patrick Industries (NASDAQ:PATK – Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The firm had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.81 earnings per share. On average, analysts forecast that Patrick Industries, Inc. will post 6.43 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 25th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.85%. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.55. The ex-dividend date is Monday, November 25th. Patrick Industries’s dividend payout ratio (DPR) is presently 31.61%.

Insider Buying and Selling at Patrick Industries

In related news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. This trade represents a 7.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the transaction, the director now owns 82,374 shares in the company, valued at approximately $10,795,112.70. This trade represents a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock worth $3,858,915 in the last 90 days. 4.70% of the stock is owned by company insiders.

Institutional Trading of Patrick Industries

Institutional investors have recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky lifted its position in Patrick Industries by 6.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 16,513 shares of the construction company’s stock valued at $2,351,000 after buying an additional 1,022 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Patrick Industries by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after acquiring an additional 20,694 shares during the period. Vestcor Inc lifted its holdings in shares of Patrick Industries by 218.6% during the 3rd quarter. Vestcor Inc now owns 5,324 shares of the construction company’s stock valued at $758,000 after acquiring an additional 3,653 shares in the last quarter. MML Investors Services LLC boosted its position in Patrick Industries by 20.3% during the 3rd quarter. MML Investors Services LLC now owns 3,243 shares of the construction company’s stock worth $462,000 after purchasing an additional 547 shares during the period. Finally, Orion Portfolio Solutions LLC acquired a new stake in Patrick Industries in the 3rd quarter valued at $700,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.

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