Patrick Industries (NASDAQ:PATK) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

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 hoisted by analysts at BMO Capital Markets from $100.00 to $110.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the construction company's stock. BMO Capital Markets' target price suggests a potential upside of 8.04% from the stock's current price.

A number of other research firms have also recently commented on PATK. Raymond James Financial increased their target price on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a report on Friday. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Roth Mkm restated a "buy" rating and set a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, Robert W. Baird boosted their price objective on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, June 20th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $101.25.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK traded up $1.47 on Friday, hitting $101.82. The company had a trading volume of 87,045 shares, compared to its average volume of 357,398. Patrick Industries has a 1-year low of $72.99 and a 1-year high of $103.25. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 27.54, a P/E/G ratio of 1.43 and a beta of 1.23. The stock has a 50 day moving average price of $93.96 and a 200 day moving average price of $89.40. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the company earned $2.16 earnings per share. The company's quarterly revenue was up 3.0% on a year-over-year basis. Analysts expect that Patrick Industries will post 5.33 EPS for the current year.

Insider Buying and Selling

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction that occurred on Friday, June 13th. The stock was 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 of the company's stock, valued at $4,818,387.42. The trade was a 5.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Todd M. Cleveland acquired 6,000 shares of Patrick Industries stock in a transaction on Thursday, May 15th. The stock was purchased at an average cost of $85.80 per share, for a total transaction of $514,800.00. Following the purchase, the director owned 125,286 shares in the company, valued at approximately $10,749,538.80. The trade was a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 14,071 shares of company stock worth $1,205,964. 4.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently made changes to their positions in PATK. Vanguard Group Inc. lifted its stake in shares of Patrick Industries by 49.3% during the 4th 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 during the last quarter. Dimensional Fund Advisors LP increased its position in Patrick Industries by 48.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after buying an additional 609,036 shares in the last quarter. Capital Research Global Investors acquired a new position in Patrick Industries during the 4th quarter valued at about $38,275,000. Nuveen LLC acquired a new position in Patrick Industries during the 1st quarter valued at about $33,735,000. Finally, Capital World Investors increased its position in Patrick Industries by 50.0% during the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after buying an additional 314,773 shares in the last quarter. 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.