Patrick Industries (NASDAQ:PATK) Price Target Cut to $140.00 by Analysts at KeyCorp

Key Points

• KeyCorp cut its price target for Patrick Industries from $155 to $140 while keeping an "overweight" rating, implying roughly a 17.8% upside from the current price; the analyst consensus remains a Moderate Buy with a $133.25 average target.
• Quarterly results beat expectations: Patrick reported $0.84 EPS vs. $0.74 expected and $924.2M revenue vs. $858.6M expected, with revenue up 9.2% year-over-year.
• Insider activity notable: Director M. Scott Welch bought 10,000 shares at about $113.68, while an EVP sold 3,903 shares at $145.61; insiders now own 4.40% of the company.

Patrick Industries (NASDAQ:PATK - Get Free Report) had its price target lowered by research analysts at KeyCorp from $155.00 to $140.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the construction company's stock. KeyCorp's price objective suggests a potential upside of 17.77% from the company's current price.

Several other analysts also recently commented on the stock. Weiss Ratings upgraded shares of Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a report on Monday, February 23rd. Benchmark reissued a "buy" rating on shares of Patrick Industries in a research report on Friday, February 6th. Truist Financial set a $126.00 price target on shares of Patrick Industries in a report on Friday, January 9th. Robert W. Baird set a $140.00 target price on Patrick Industries in a research note on Friday, February 6th. Finally, BMO Capital Markets restated an "outperform" rating and set a $155.00 price target on shares of Patrick Industries in a research note on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold 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 $133.25.

Patrick Industries Price Performance

PATK stock opened at $118.88 on Thursday. The company has a fifty day moving average price of $123.41 and a 200-day moving average price of $113.78. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. Patrick Industries has a 52-week low of $73.08 and a 52-week high of $148.50. The company has a market capitalization of $3.94 billion, a P/E ratio of 30.71 and a beta of 1.35.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.10. The business had revenue of $924.17 million during the quarter, compared to analysts' expectations of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The business's quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the company posted $0.52 earnings per share. As a group, equities analysts expect that Patrick Industries will post 5.33 EPS for the current year.

Insider Activity

In other news, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction on Thursday, March 12th. The stock was acquired at an average cost of $113.68 per share, for a total transaction of $1,136,800.00. Following the purchase, the director owned 146,000 shares in the company, valued at $16,597,280. This trade represents a 7.35% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stacey L. Amundson sold 3,903 shares of the stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $145.61, for a total transaction of $568,315.83. Following the sale, the executive vice president owned 12,819 shares in the company, valued at approximately $1,866,574.59. The trade was a 23.34% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have purchased 11,110 shares of company stock worth $1,289,895 and have sold 20,121 shares worth $2,477,337. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Salomon & Ludwin LLC bought a new stake in shares of Patrick Industries during the 3rd quarter valued at $25,000. Advisory Services Network LLC bought a new stake in Patrick Industries during the 3rd quarter worth approximately $25,000. Torren Management LLC bought a new position in shares of Patrick Industries in the fourth quarter worth approximately $26,000. Cornerstone Planning Group LLC bought a new stake in shares of Patrick Industries during the 3rd quarter valued at $31,000. Finally, Allworth Financial LP boosted its holdings in Patrick Industries by 181.3% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company's stock worth $34,000 after buying an additional 203 shares during the period. 93.29% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.