BMO Capital Markets Boosts Patrick Industries (NASDAQ:PATK) Price Target to $110.00

Key Points

• BMO Capital Markets raised its price target for Patrick Industries from $100.00 to $110.00, suggesting a potential upside of 12.06% from the current stock price.
• Several brokerages have shown increased optimism, with Raymond James and KeyCorp also boosting their price targets for the stock to $109.00 and $110.00 respectively.
• Patrick Industries' recent quarterly earnings reported an EPS of $1.50, exceeding expectations, and displayed a 3.0% year-over-year increase in revenue.

Patrick Industries (NASDAQ:PATK - Get Free Report) had its price target raised by BMO Capital Markets from $100.00 to $110.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the construction company's stock. BMO Capital Markets' price objective suggests a potential upside of 12.06% from the stock's current price.

Several other brokerages have also recently weighed in on PATK. Raymond James Financial raised their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research note on Friday. KeyCorp raised their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Benchmark raised their price objective on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research note on Friday. Finally, Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $101.25.

Patrick Industries Trading Up 0.9%

NASDAQ:PATK traded up $0.92 on Friday, reaching $98.16. 194,190 shares of the stock traded hands, compared to its average volume of 358,318. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of 23.56, a price-to-earnings-growth ratio of 1.46 and a beta of 1.22. Patrick Industries has a 1-year low of $72.99 and a 1-year high of $103.25. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25. The company's 50 day moving average is $93.43 and its 200-day moving average is $89.28.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The company's quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.16 EPS. Equities research analysts anticipate that Patrick Industries will post 5.33 EPS for the current fiscal year.

Insider Transactions at Patrick Industries

In related news, Director Todd M. Cleveland purchased 1,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were purchased at an average cost of $82.75 per share, for a total transaction of $82,750.00. Following the completion of the transaction, the director directly owned 133,286 shares in the company, valued at approximately $11,029,416.50. This represents a 0.76% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John A. Forbes sold 2,875 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the sale, the director owned 52,591 shares in the company, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased a total of 14,071 shares of company stock worth $1,205,964 over the last 90 days. 4.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC grew its holdings in shares of Patrick Industries by 26.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 3,602 shares of the construction company's stock worth $299,000 after purchasing an additional 763 shares in the last quarter. LPL Financial LLC grew its holdings in shares of Patrick Industries by 95.9% during the fourth quarter. LPL Financial LLC now owns 15,942 shares of the construction company's stock worth $1,325,000 after purchasing an additional 7,806 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Patrick Industries by 49.3% during the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock worth $193,266,000 after purchasing an additional 768,102 shares in the last quarter. Corebridge Financial Inc. grew its holdings in shares of Patrick Industries by 39.1% during the fourth quarter. Corebridge Financial Inc. now owns 17,296 shares of the construction company's stock worth $1,437,000 after purchasing an additional 4,864 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Patrick Industries during the fourth quarter worth about $7,478,000. 93.29% of the stock is currently owned by institutional investors.

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.

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