Patrick Industries (NASDAQ:PATK) Given New $115.00 Price Target at KeyCorp

Key Points

• KeyCorp lowered its price target on Patrick Industries from $125 to $115 while keeping an “overweight” rating, implying about 34.8% upside from the previous close.
• Analyst sentiment remains mixed but constructive: the stock has a consensus “Moderate Buy” rating with an average target price of $119.75, even as some firms recently cut targets or issued weaker ratings.
• Patrick Industries reported solid quarterly results, beating EPS and revenue estimates, and company insiders have recently bought shares, including purchases by the CFO and CEO.

Patrick Industries (NASDAQ:PATK - Get Free Report) had its target price reduced by equities researchers at KeyCorp from $125.00 to $115.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the construction company's stock. KeyCorp's price objective indicates a potential upside of 34.77% from the company's previous close.

PATK has been the topic of several other reports. Benchmark decreased their target price on shares of Patrick Industries from $150.00 to $135.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Weiss Ratings downgraded shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, June 29th. Zacks Research cut shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 5th. Raymond James Financial set a $108.00 price objective on shares of Patrick Industries in a report on Friday, May 1st. Finally, BMO Capital Markets restated an "outperform" rating and set a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $119.75.

Patrick Industries Stock Down 2.4%

PATK opened at $85.33 on Wednesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The business has a 50 day simple moving average of $88.25 and a 200-day simple moving average of $107.30. The stock has a market capitalization of $2.81 billion, a P/E ratio of 21.88 and a beta of 1.11. Patrick Industries has a 12 month low of $81.29 and a 12 month high of $148.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.02. The firm had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.Patrick Industries's quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.11 earnings per share. On average, equities analysts anticipate that Patrick Industries will post 4.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, CFO Matthew S. Filer acquired 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average cost of $85.50 per share, for a total transaction of $85,500.00. Following the transaction, the chief financial officer directly owned 21,614 shares of the company's stock, valued at approximately $1,847,997. This represents a 4.85% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Andy L. Nemeth bought 10,000 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were acquired at an average price of $88.00 per share, with a total value of $880,000.00. Following the completion of the acquisition, the chief executive officer directly owned 287,745 shares in the company, valued at $25,321,560. This represents a 3.60% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 28,700 shares of company stock worth $2,532,880. Insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently modified their holdings of PATK. Mackenzie Financial Corp lifted its position in shares of Patrick Industries by 4.0% during the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company's stock worth $231,000 after purchasing an additional 80 shares in the last quarter. CIBC Asset Management Inc grew its holdings in Patrick Industries by 4.1% during the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company's stock worth $245,000 after acquiring an additional 88 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of Patrick Industries by 4.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company's stock valued at $269,000 after purchasing an additional 98 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Patrick Industries by 1.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company's stock valued at $821,000 after buying an additional 100 shares during the last quarter. Finally, California State Teachers Retirement System lifted its holdings in Patrick Industries by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company's stock worth $2,725,000 after buying an additional 154 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.

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