Patrick Industries (NASDAQ:PATK) Sets New 12-Month High – Still a Buy?

Shares of Patrick Industries, Inc. (NASDAQ:PATK) reached a new 52-week high on Wednesday . The company traded as high as $144.74 and last traded at $144.26, with a volume of 29545 shares. The stock had previously closed at $142.51.

Analyst Upgrades and Downgrades

PATK has been the subject of several recent research reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price target on shares of Patrick Industries in a report on Friday. Benchmark restated a “buy” rating on shares of Patrick Industries in a research note on Friday. Robert W. Baird set a $140.00 target price on Patrick Industries in a research report on Friday. Weiss Ratings lowered shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $157.00 price objective on shares of Patrick Industries in a report on Monday. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average price target of $135.13.

Patrick Industries Stock Up 1.1%

The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. The business has a 50-day simple moving average of $119.77 and a two-hundred day simple moving average of $110.27. The stock has a market capitalization of $4.80 billion, a P/E ratio of 36.91, a PEG ratio of 1.49 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. During the same quarter in the previous year, the company earned $0.52 EPS. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. Equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be given a $0.47 dividend. The ex-dividend date is Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.3%. Patrick Industries’s payout ratio is 48.08%.

Insiders Place Their Bets

In other news, CAO Matthew S. Filer acquired 1,000 shares of the company’s stock in a transaction dated Friday, February 6th. The stock was bought at an average price of $139.91 per share, with a total value of $139,910.00. Following the completion of the acquisition, the chief accounting officer owned 20,614 shares in the company, valued at approximately $2,884,104.74. This represents a 5.10% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John A. Forbes sold 2,704 shares of Patrick Industries stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the transaction, the director owned 49,272 shares of the company’s stock, valued at $6,935,034. This trade represents a 5.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the business. CIBC Asset Management Inc increased its stake in shares of Patrick Industries by 4.1% in the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after buying an additional 88 shares in the last quarter. Arizona State Retirement System grew its holdings in Patrick Industries by 1.1% during the 3rd quarter. Arizona State Retirement System now owns 9,387 shares of the construction company’s stock worth $971,000 after acquiring an additional 98 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its position in Patrick Industries by 4.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after acquiring an additional 98 shares in the last quarter. Strs Ohio increased its position in Patrick Industries by 11.1% in the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock valued at $103,000 after acquiring an additional 100 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of Patrick Industries by 1.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock worth $821,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.