Market Analysts see Patrick Industries Inc. [PATK] gaining to $93. Time to buy?

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Patrick Industries Inc. [NASDAQ: PATK] price plunged by -0.47 percent to reach at -$0.24. The company report on May 13, 2022 that Patrick Industries, Inc. Declares Quarterly Cash Dividend.


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Patrick Industries, Inc. (NASDAQ: PATK) today announced that on May 12, 2022, its Board of Directors declared a quarterly cash dividend on its common stock of $0.33 per share. The dividend is payable on June 13, 2022, to shareholders of record at the close of business on May 31, 2022.

A sum of 483885 shares traded at recent session while its average daily volume was at 239.17K shares. Patrick Industries Inc. shares reached a high of $52.0456 and dropped to a low of $50.30 until finishing in the latest session at $50.69.

The one-year PATK stock forecast points to a potential upside of 42.07. The average equity rating for PATK stock is currently 2.20, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Patrick Industries Inc. [PATK]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PATK shares is $87.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PATK stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

MKM Partners have made an estimate for Patrick Industries Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 05, 2022. While these analysts kept the previous recommendation, Truist raised their target price to Buy. The new note on the price target was released on April 12, 2022, representing the official price target for Patrick Industries Inc. stock. Previously, the target price had yet another raise to $60, while BofA Securities analysts kept a Underperform rating on PATK stock. On July 31, 2020, analysts increased their price target for PATK shares from 74 to 88.

The Average True Range (ATR) for Patrick Industries Inc. is set at 2.69, with the Price to Sales ratio for PATK stock in the period of the last 12 months amounting to 0.26. The Price to Book ratio for the last quarter was 1.43, with the Price to Cash per share for the same quarter was set at 2.73. Price to Free Cash Flow for PATK in the course of the last twelve months was 14.62 with Quick ratio for the last quarter at 1.00.

PATK Stock Performance Analysis:

Patrick Industries Inc. [PATK] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -11.12. With this latest performance, PATK shares dropped by -18.71% in over the last four-week period, additionally sinking by -34.33% over the last 6 months – not to mention a drop of -29.22% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PATK stock in for the last two-week period is set at 32.17, with the RSI for the last a single of trading hit 25.56, and the three-weeks RSI is set at 36.20 for Patrick Industries Inc. [PATK]. The present Moving Average for the last 50 days of trading for this stock 60.54, while it was recorded at 53.54 for the last single week of trading, and 71.60 for the last 200 days.

Insight into Patrick Industries Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Patrick Industries Inc. [PATK] shares currently have an operating margin of +8.62 and a Gross Margin at +18.27. Patrick Industries Inc.’s Net Margin is presently recorded at +5.52.

Return on Equity for this stock inclined to 33.90, with Return on Assets sitting at 10.21.

Patrick Industries Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 2.40.

PATK Stock EPS

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PATK. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Patrick Industries Inc. go to 5.50%.

Patrick Industries Inc. [PATK] Insider Position Details

There are presently around $1,065 million, or 92.10% of PATK stock, in the hands of institutional investors. The top three institutional holders of PATK stocks are: BLACKROCK INC. with ownership of 3,691,563, which is approximately 5.767% of the company’s market cap and around 5.40% of the total institutional ownership; FMR LLC, holding 2,322,847 shares of the stock with an approximate value of $117.75 million in PATK stocks shares; and VANGUARD GROUP INC, currently with $82.52 million in PATK stock with ownership of nearly 6.375% of the company’s market capitalization.

Positions in Patrick Industries Inc. stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 110 institutional holders increased their position in Patrick Industries Inc. [NASDAQ:PATK] by around 1,722,345 shares. Additionally, 119 investors decreased positions by around 1,929,936 shares, while 34 investors held positions by with 17,362,344 shares. The mentioned changes placed institutional holdings at 21,014,625 shares, according to the latest SEC report filing. PATK stock had 34 new institutional investments in for a total of 236,117 shares, while 36 institutional investors sold positions of 779,343 shares during the same period.

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