Patrick Industries (NASDAQ:PATK) PT Raised to $150.00

Patrick Industries (NASDAQ:PATK) had its target price hoisted by equities research analysts at KeyCorp from $135.00 to $150.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. KeyCorp’s price objective would indicate a potential upside of 10.93% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Benchmark restated a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a research report on Tuesday, September 17th. Raymond James initiated coverage on shares of Patrick Industries in a research report on Tuesday, October 1st. They set an “outperform” rating and a $160.00 price target for the company. DA Davidson increased their price objective on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Truist Financial boosted their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, BMO Capital Markets raised their price target on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $140.38.

Patrick Industries Trading Up 0.8 %

NASDAQ:PATK opened at $135.22 on Wednesday. Patrick Industries has a 1 year low of $70.15 and a 1 year high of $148.35. The stock’s fifty day moving average price is $136.34 and its two-hundred day moving average price is $120.87. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. The company has a market cap of $3.03 billion, a P/E ratio of 19.40, a P/E/G ratio of 1.18 and a beta of 1.61.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.94 EPS. As a group, analysts expect that Patrick Industries will post 7.21 EPS for the current year.

Insider Activity

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is currently owned by insiders.

Institutional Trading of Patrick Industries

Several institutional investors have recently added to or reduced their stakes in the business. Boston Partners purchased a new stake in Patrick Industries during the 1st quarter valued at about $1,645,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Patrick Industries by 10.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after purchasing an additional 26,389 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of Patrick Industries by 8.7% during the second quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock valued at $5,032,000 after purchasing an additional 3,705 shares during the period. Illinois Municipal Retirement Fund grew its holdings in shares of Patrick Industries by 7.4% in the first quarter. Illinois Municipal Retirement Fund now owns 12,684 shares of the construction company’s stock worth $1,515,000 after purchasing an additional 869 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in shares of Patrick Industries in the second quarter worth $620,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.