Patrick Industries (NASDAQ:PATK) Price Target Cut to $105.00 by Analysts at Truist Financial

Patrick Industries (NASDAQ:PATK) had its target price lowered by stock analysts at Truist Financial from $110.00 to $105.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Truist Financial’s price objective suggests a potential upside of 26.69% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Benchmark reissued a “buy” rating and issued a $96.67 price objective on shares of Patrick Industries in a research report on Monday, November 4th. StockNews.com raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, January 1st. KeyCorp boosted their price objective on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Raymond James lowered their target price on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, BMO Capital Markets upped their price objective on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.63.

Patrick Industries Stock Performance

Patrick Industries stock traded down $1.05 during midday trading on Tuesday, reaching $82.88. 35,253 shares of the company’s stock were exchanged, compared to its average volume of 188,620. The stock’s 50-day simple moving average is $86.66 and its 200 day simple moving average is $85.75. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 11.91, a P/E/G ratio of 1.69 and a beta of 2.26. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. Patrick Industries has a 52 week low of $60.67 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same quarter in the prior year, the firm posted $1.21 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. On average, analysts expect that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the sale, the chief executive officer now owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

Institutional investors and hedge funds have recently made changes to their positions in the business. Assetmark Inc. grew its holdings in Patrick Industries by 1,589.0% during the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after buying an additional 6,197 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Patrick Industries by 35.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after purchasing an additional 25,556 shares in the last quarter. Fiera Capital Corp purchased a new stake in shares of Patrick Industries during the third quarter valued at approximately $27,888,000. Argent Capital Management LLC increased its position in shares of Patrick Industries by 758.4% during the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after purchasing an additional 133,413 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its stake in shares of Patrick Industries by 8.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after purchasing an additional 3,705 shares during the period. 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.