Truist Financial Cuts Patrick Industries (NASDAQ:PATK) Price Target to $100.00

Patrick Industries (NASDAQ:PATK) had its price target trimmed by Truist Financial from $105.00 to $100.00 in a research report sent to investors on Friday, MarketBeat.com reports. The firm currently has a buy rating on the construction company’s stock.

Several other research analysts have also weighed in on PATK. StockNews.com upgraded shares of Patrick Industries from a hold rating to a buy rating in a report on Monday, September 4th. Bank of America increased their price objective on shares of Patrick Industries from $63.00 to $75.00 and gave the stock an underperform rating in a report on Monday, August 7th. Robert W. Baird increased their price objective on shares of Patrick Industries from $85.00 to $95.00 and gave the stock an outperform rating in a report on Friday, July 28th. DA Davidson increased their price objective on shares of Patrick Industries from $75.00 to $81.00 and gave the stock a neutral rating in a report on Tuesday, August 1st. Finally, KeyCorp increased their price objective on shares of Patrick Industries from $90.00 to $95.00 and gave the stock an overweight rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Patrick Industries has an average rating of Moderate Buy and a consensus target price of $85.33.

Patrick Industries Price Performance

NASDAQ:PATK opened at $78.62 on Friday. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 10.62, a price-to-earnings-growth ratio of 3.95 and a beta of 1.92. The company has a current ratio of 2.71, a quick ratio of 0.91 and a debt-to-equity ratio of 1.22. The company’s 50-day moving average is $82.23 and its two-hundred day moving average is $74.82. Patrick Industries has a 12-month low of $41.75 and a 12-month high of $87.36.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 27th. The construction company reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.05. The company had revenue of $920.69 million for the quarter, compared to analyst estimates of $979.40 million. Patrick Industries had a net margin of 4.42% and a return on equity of 18.08%. Research analysts expect that Patrick Industries will post 6.79 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Monday, August 28th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.29%. The ex-dividend date was Friday, August 25th. Patrick Industries’s dividend payout ratio (DPR) is 24.32%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, President Jeff Rodino sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $85.00, for a total value of $425,000.00. Following the completion of the sale, the president now owns 151,933 shares of the company’s stock, valued at $12,914,305. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Kip B. Ellis sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $85.00, for a total transaction of $637,500.00. Following the completion of the sale, the chief operating officer now owns 112,280 shares of the company’s stock, valued at $9,543,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Jeff Rodino sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $85.00, for a total transaction of $425,000.00. Following the sale, the president now directly owns 151,933 shares of the company’s stock, valued at approximately $12,914,305. The disclosure for this sale can be found here. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of Patrick Industries

A number of hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System grew its position in shares of Patrick Industries by 2.3% during the fourth quarter. Arizona State Retirement System now owns 6,129 shares of the construction company’s stock worth $371,000 after buying an additional 136 shares in the last quarter. Advisor Group Holdings Inc. boosted its holdings in 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 purchasing an additional 149 shares during the period. LPL Financial LLC boosted its holdings in Patrick Industries by 3.0% in the second quarter. LPL Financial LLC now owns 6,018 shares of the construction company’s stock worth $481,000 after purchasing an additional 175 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in 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 purchasing an additional 195 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in Patrick Industries by 6.4% in the second quarter. ProShare Advisors LLC now owns 3,333 shares of the construction company’s stock worth $267,000 after purchasing an additional 200 shares during the period. Institutional investors and hedge funds own 93.18% of the company’s stock.

Patrick Industries Company Profile

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.