KeyCorp Cuts Patrick Industries (NASDAQ:PATK) Price Target to $100.00

Key Points

• KeyCorp lowered its price target for Patrick Industries to $100 from $115 but maintained an “overweight” rating, implying roughly 54% upside from the stock’s $64.85 price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $112.33; seven analysts rate the stock a Buy.
• Patrick Industries beat quarterly earnings and revenue estimates, reporting $1.29 in EPS and $1.04 billion in revenue, though EPS declined year over year and revenue fell 0.6%.

Patrick Industries (NASDAQ:PATK - Get Free Report) had its target price lowered by investment analysts at KeyCorp from $115.00 to $100.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an "overweight" rating on the construction company's stock. KeyCorp's price objective indicates a potential upside of 54.21% from the stock's current price.

Several other research firms also recently weighed in on PATK. Raymond James Financial reissued an "outperform" rating and issued a $94.00 target price on shares of Patrick Industries in a research report on Friday, July 31st. Northcoast Research set a $121.00 price target on Patrick Industries and gave the company a "buy" rating in a research report on Tuesday, September 1st. Benchmark restated a "buy" rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Roth Capital set a $114.00 target price on Patrick Industries in a report on Friday, July 31st. Finally, Truist Financial set a $108.00 price target on Patrick Industries and gave the stock a "buy" rating in a research note on Monday, August 10th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $112.33.

Patrick Industries Trading Down 0.1%

Shares of NASDAQ:PATK traded down $0.07 on Thursday, hitting $64.85. The company had a trading volume of 20,802 shares, compared to its average volume of 510,109. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The firm's 50-day simple moving average is $78.25 and its two-hundred day simple moving average is $88.89. Patrick Industries has a 1 year low of $64.30 and a 1 year high of $148.50. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 15.36 and a beta of 1.16.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The business had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $994.95 million. During the same period last year, the company posted $1.50 EPS. The business's revenue was down .6% on a year-over-year basis. Equities analysts anticipate that Patrick Industries will post 4.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new position in shares of Patrick Industries during the second quarter valued at $65,138,000. Copeland Capital Management LLC raised its stake in shares of Patrick Industries by 17.6% in the first quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company's stock worth $62,589,000 after acquiring an additional 84,508 shares during the last quarter. Bank of America Corp DE acquired a new stake in Patrick Industries during the 2nd quarter worth $30,646,000. The Manufacturers Life Insurance Company acquired a new position in Patrick Industries in the second quarter valued at about $27,166,000. Finally, Kennedy Capital Management LLC boosted its holdings in Patrick Industries by 14.2% during the fourth quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company's stock worth $25,913,000 after purchasing an additional 29,714 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty products.

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