Truist Sees More Upside in Patrick Industries (PATK) as RecPro Aftermarket Gains Momentum

Patrick Industries, Inc. (NASDAQ:PATK) is included among the 15 Dividend Growth Stocks with the Highest Growth Rates.

On January 9, Truist expert Gregory Miller raised the firm’s terms people connected Patrick Industries, Inc. (NASDAQ:PATK) to $126 from $114 and maintained a Buy standing connected the stock. In his note, Miller said Patrick stood retired successful 2025, beating the broader recreation radical arsenic investors responded positively to however good the institution held up contempt a tougher macro backdrop.

Truist besides pointed to a fewer areas that could enactment maturation going forward. One is the company’s aftermarket concern done RecPro, which has been gaining traction. Another is Patrick’s expanding beingness successful powersports, which present accounts for astir 9%–10% of full revenue, giving the institution a bigger foothold successful a marketplace with semipermanent potential.

In Q3 2025, Patrick reported nett income of $976 million, up 6% year-over-year. The summation was driven by dependable integrated maturation and contributions from acquisitions, though industry-wide shipment declines continued to measurement connected results. Management said gross improved crossed each 4 of its main extremity markets, helped by stronger contented per portion and the added boost from acquisitions.

Profitability was a spot softer compared to past year. Operating income came successful astatine $66 cardinal versus $74 cardinal successful the prior-year quarter, and operating borderline eased to 6.8% from 8.1%. Net income was $35 million, down from $41 cardinal a twelvemonth earlier.

On the currency travel side, operating currency travel totaled $199 cardinal year-to-date, compared with $224 cardinal successful the aforesaid play past year. Over the trailing 12 months, escaped currency travel was $211 million. The institution besides returned $13 cardinal to shareholders done its regular quarterly dividend.

Patrick Industries, Inc. (NASDAQ:PATK) supplies constituent solutions to manufacturers crossed the RV, marine, powersports, and lodging markets.

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