Patrick Industries (NASDAQ:PATK) Shares Up 7% – Here’s What Happened

Patrick Industries, Inc. (NASDAQ:PATK) shares shot up 7% during mid-day trading on Thursday. The stock traded as high as $65.12 and last traded at $67.7170. 108,164 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 513,845 shares. The stock had previously closed at $63.31.

Analyst Ratings Changes

A number of research analysts have commented on PATK shares. Truist Financial set a $108.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a research report on Monday, August 10th. KeyCorp dropped their price target on shares of Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. BMO Capital Markets dropped their price target on shares of Patrick Industries from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday. Raymond James Financial reissued an “outperform” rating and issued a $94.00 price target on shares of Patrick Industries in a research note on Friday, July 31st. Finally, Benchmark restated a “buy” rating and issued a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $106.78.

Patrick Industries Stock Up 6.8%

The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of 16.02 and a beta of 1.16. The business’s fifty day moving average is $76.17 and its two-hundred day moving average is $87.26.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.05. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%. Patrick Industries’s revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.50 EPS. Equities analysts forecast that Patrick Industries, Inc. will post 4.17 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.8%. Patrick Industries’s dividend payout ratio is currently 44.55%.

Institutional Investors Weigh In On Patrick Industries

Institutional investors have recently modified their holdings of the company. Persistent Asset Partners Ltd purchased a new position in Patrick Industries in the second quarter valued at $25,000. Inspire Investing LLC raised its stake in Patrick Industries by 5.4% in the first quarter. Inspire Investing LLC now owns 5,613 shares of the construction company’s stock valued at $623,000 after buying an additional 289 shares in the last quarter. DGS Capital Management LLC lifted its holdings in Patrick Industries by 15.0% during the 4th quarter. DGS Capital Management LLC now owns 2,391 shares of the construction company’s stock worth $259,000 after buying an additional 312 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Patrick Industries during the 2nd quarter worth about $34,000. Finally, Pictet Asset Management Holding SA lifted its holdings in Patrick Industries by 9.5% during the 1st quarter. Pictet Asset Management Holding SA now owns 5,245 shares of the construction company’s stock worth $583,000 after buying an additional 453 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty products.