Patrick Industries (NASDAQ:PATK - Get Free Report) had its price target upped by investment analysts at BMO Capital Markets from $120.00 to $125.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an "outperform" rating on the construction company's stock. BMO Capital Markets' price objective would indicate a potential upside of 12.48% from the stock's current price.
Several other analysts also recently commented on PATK. KeyCorp raised their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the company an "overweight" rating in a research report on Friday, February 9th. StockNews.com cut shares of Patrick Industries from a "buy" rating to a "hold" rating in a research note on Thursday, March 21st. Roth Mkm raised their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, February 9th. Finally, Truist Financial reaffirmed a "buy" rating and set a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $105.86.
Check Out Our Latest Report on PATK
Patrick Industries Price Performance
Shares of PATK stock traded up $0.79 on Friday, hitting $111.13. 230,452 shares of the stock traded hands, compared to its average volume of 170,227. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 0.64 and a beta of 1.73. Patrick Industries has a 52 week low of $63.57 and a 52 week high of $123.58. The firm has a 50 day simple moving average of $112.23 and a two-hundred day simple moving average of $98.94. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73.
Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.32 by $0.47. The firm had revenue of $933.50 million for the quarter, compared to the consensus estimate of $829.22 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The company's revenue was up 3.7% on a year-over-year basis. During the same period last year, the firm earned $1.35 EPS. As a group, equities research analysts predict that Patrick Industries will post 8.1 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Patrick Industries news, CEO Andy L. Nemeth sold 10,000 shares of Patrick Industries stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $115.00, for a total value of $1,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 289,619 shares of the company's stock, valued at approximately $33,306,185. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Kip B. Ellis sold 7,462 shares of Patrick Industries stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the completion of the transaction, the insider now directly owns 101,316 shares of the company's stock, valued at approximately $12,359,538.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Andy L. Nemeth sold 10,000 shares of Patrick Industries stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the transaction, the chief executive officer now directly owns 289,619 shares of the company's stock, valued at $33,306,185. The disclosure for this sale can be found here. Insiders sold 48,873 shares of company stock valued at $5,681,957 in the last three months. Corporate insiders own 4.70% of the company's stock.
Institutional Investors Weigh In On Patrick Industries
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in Patrick Industries by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company's stock valued at $144,828,000 after buying an additional 21,735 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Patrick Industries by 39.7% during the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company's stock valued at $104,972,000 after buying an additional 297,381 shares in the last quarter. Invesco Ltd. lifted its holdings in Patrick Industries by 7.0% during the 3rd quarter. Invesco Ltd. now owns 277,265 shares of the construction company's stock valued at $20,812,000 after buying an additional 18,256 shares in the last quarter. Norges Bank bought a new stake in Patrick Industries during the 4th quarter valued at about $14,782,000. Finally, Anchor Capital Management Company LLC lifted its holdings in Patrick Industries by 19.3% during the 1st quarter. Anchor Capital Management Company LLC now owns 123,809 shares of the construction company's stock valued at $14,791,000 after buying an additional 20,000 shares in the last quarter. Institutional investors own 93.29% of the company's stock.
Patrick Industries Company Profile
(
Get Free Report)
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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