Patrick Industries (NASDAQ:PATK) Given New $110.00 Price Target at KeyCorp

Key Points

• KeyCorp has raised its price target for Patrick Industries from $100.00 to $110.00, suggesting a potential upside of 13.24% based on the stock's previous close.
• Analysts' ratings for Patrick Industries vary, with four giving a "hold" rating and six giving a "buy" rating, resulting in an average rating of "Moderate Buy" and an average target price of $97.67.
• In the last quarter, Patrick Industries reported earnings per share (EPS) of $1.50, exceeding analysts' estimates and marking a 3.0% year-over-year revenue increase to $1.05 billion.

Patrick Industries (NASDAQ:PATK - Get Free Report) had its price target upped by investment analysts at KeyCorp from $100.00 to $110.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the construction company's stock. KeyCorp's price objective would indicate a potential upside of 13.24% from the stock's previous close.

A number of other equities analysts have also recently issued reports on the company. Raymond James Financial decreased their target price on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Truist Financial lifted their price target on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Finally, Robert W. Baird lifted their price target on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $97.67.

Patrick Industries Stock Performance

Shares of NASDAQ PATK opened at $97.14 on Friday. The company has a quick ratio of 1.04, a current ratio of 2.41 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 23.31, a PEG ratio of 1.46 and a beta of 1.22. The stock's fifty day simple moving average is $93.43 and its 200 day simple moving average is $89.28. Patrick Industries has a 52-week low of $72.99 and a 52-week high of $103.25.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The company's quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.16 EPS. As a group, sell-side analysts forecast that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Todd M. Cleveland purchased 1,000 shares of Patrick Industries stock in a transaction on Tuesday, June 3rd. The stock was bought at an average cost of $82.75 per share, with a total value of $82,750.00. Following the transaction, the director directly owned 133,286 shares of the company's stock, valued at approximately $11,029,416.50. The trade was a 0.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 14,071 shares of company stock valued at $1,205,964 in the last ninety days. Insiders own 4.40% of the company's stock.

Institutional Trading of Patrick Industries

Institutional investors and hedge funds have recently made changes to their positions in the stock. Covestor Ltd increased its stake in shares of Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in shares of Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after purchasing an additional 114 shares during the period. Strs Ohio bought a new position in shares of Patrick Industries in the first quarter worth about $42,000. Finally, Private Trust Co. NA increased its stake in shares of Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after purchasing an additional 480 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.