Patrick Industries (NASDAQ:PATK) Hits New 52-Week High – Should You Buy?

Patrick Industries, Inc. (NASDAQ:PATK) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $129.55 and last traded at $130.56, with a volume of 27974 shares changing hands. The stock had previously closed at $127.67.

Analyst Ratings Changes

PATK has been the subject of several research reports. KeyCorp restated an “overweight” rating and set a $135.00 price objective (up from $120.00) on shares of Patrick Industries in a research report on Friday, January 16th. BMO Capital Markets reiterated an “outperform” rating and set a $115.00 target price on shares of Patrick Industries in a research note on Friday, October 31st. Truist Financial set a $126.00 price target on Patrick Industries in a research note on Friday, January 9th. Weiss Ratings lowered Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, Benchmark reissued a “buy” rating and set a $140.00 target price (up previously from $115.00) on shares of Patrick Industries in a report on Friday, January 16th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.13.

Patrick Industries Stock Performance

The stock has a market cap of $4.29 billion, a P/E ratio of 36.79, a price-to-earnings-growth ratio of 1.39 and a beta of 1.34. The company has a current ratio of 2.34, a quick ratio of 0.86 and a debt-to-equity ratio of 1.13. The stock has a 50 day simple moving average of $112.09 and a 200 day simple moving average of $106.95.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.06. Patrick Industries had a return on equity of 12.44% and a net margin of 3.11%.The company had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. During the same period in the prior year, the firm posted $1.80 EPS. Patrick Industries’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $1.88 annualized dividend and a yield of 1.5%. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s payout ratio is 53.71%.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the sale, the chief executive officer owned 301,641 shares of the company’s stock, valued at approximately $34,688,715. This represents a 7.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PATK. Salomon & Ludwin LLC acquired a new stake in shares of Patrick Industries in the 3rd quarter valued at $25,000. Advisory Services Network LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth $25,000. Cornerstone Planning Group LLC bought a new stake in shares of Patrick Industries during the 3rd quarter worth $31,000. Strs Ohio acquired a new stake in Patrick Industries in the first quarter valued at about $42,000. Finally, Parkside Financial Bank & Trust grew its position in Patrick Industries by 87.5% in the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock valued at $49,000 after acquiring an additional 223 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.