Patrick Industries (NASDAQ:PATK) Given New $120.00 Price Target at Truist Financial

Patrick Industries (NASDAQ:PATK) had its target price lifted by research analysts at Truist Financial from $115.00 to $120.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Truist Financial’s price objective would suggest a potential upside of 26.22% from the company’s previous close.

Several other equities research analysts have also recently issued reports on PATK. Benchmark raised their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday. BMO Capital Markets lifted their price objective on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Raymond James lifted their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday. Finally, KeyCorp boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Stock Up 0.1 %

PATK opened at $95.07 on Monday. The company has a quick ratio of 0.97, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The business has a 50 day moving average price of $89.23 and a two-hundred day moving average price of $88.63. Patrick Industries has a 52 week low of $67.10 and a 52 week high of $98.90. The company has a market cap of $3.19 billion, a PE ratio of 23.07, a P/E/G ratio of 1.42 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. As a group, research analysts anticipate that Patrick Industries will post 5.38 EPS for the current year.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 30,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $90.00, for a total value of $2,700,000.00. Following the transaction, the chief executive officer now owns 379,678 shares in the company, valued at $34,171,020. The trade was a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vestcor Inc lifted its position in shares of Patrick Industries by 120.4% in the 4th quarter. Vestcor Inc now owns 11,733 shares of the construction company’s stock worth $975,000 after acquiring an additional 6,409 shares during the period. Swiss National Bank increased its holdings in Patrick Industries by 51.1% during the 4th quarter. Swiss National Bank now owns 62,812 shares of the construction company’s stock valued at $5,218,000 after purchasing an additional 21,237 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in shares of Patrick Industries by 84.3% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,199 shares of the construction company’s stock valued at $764,000 after buying an additional 4,209 shares in the last quarter. Forge First Asset Management Inc. bought a new position in shares of Patrick Industries in the fourth quarter worth about $632,000. Finally, HighTower Advisors LLC lifted its holdings in Patrick Industries by 55.9% during the 4th quarter. HighTower Advisors LLC now owns 4,470 shares of the construction company’s stock worth $371,000 after buying an additional 1,603 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.