Patrick Industries (NASDAQ:PATK) Price Target Raised to $110.00 at Benchmark

Key Points

• Benchmark raised its price target for Patrick Industries from $102.00 to $110.00, indicating a potential upside of 12.11% from its last closing price.
• Several brokerages have recently updated their ratings on Patrick Industries, with the consensus being a "Moderate Buy" and an average target price of $100.42.
• Patrick Industries reported a quarterly earnings per share of $1.50, exceeding analysts' estimates, with revenues of $1.05 billion for the period.

Patrick Industries (NASDAQ:PATK - Get Free Report) had its price target increased by equities researchers at Benchmark from $102.00 to $110.00 in a report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the construction company's stock. Benchmark's price objective indicates a potential upside of 7.07% from the company's current price.

A number of other equities research analysts also recently issued reports on PATK. Truist Financial increased their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. KeyCorp raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday. Roth Mkm reiterated a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Finally, 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 research report on Friday. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $101.25.

Patrick Industries Trading Up 2.4%

Shares of NASDAQ:PATK traded up $2.39 during midday trading on Friday, reaching $102.74. The company had a trading volume of 389,945 shares, compared to its average volume of 359,565. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. Patrick Industries has a 1-year low of $72.99 and a 1-year high of $103.96. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 27.84, a price-to-earnings-growth ratio of 1.43 and a beta of 1.23. The company has a fifty day simple moving average of $93.96 and a two-hundred day simple moving average of $89.40.

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

Insider Buying and Selling at Patrick Industries

In related news, Director Todd M. Cleveland purchased 1,000 shares of Patrick Industries stock in a transaction on Tuesday, June 3rd. The stock was purchased at an average cost of $82.75 per share, with a total value of $82,750.00. Following the acquisition, the director directly owned 133,286 shares in the company, valued at approximately $11,029,416.50. This trade represents a 0.76% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 transaction of $263,407.50. Following the transaction, the director owned 52,591 shares in the company, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders bought 14,071 shares of company stock worth $1,205,964. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Patrick Industries

A number of hedge funds have recently modified their holdings of the company. Covestor Ltd raised 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 valued at $26,000 after purchasing an additional 312 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after acquiring an additional 109 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after acquiring an additional 114 shares in the last quarter. Strs Ohio bought a new stake in Patrick Industries in the first quarter valued at about $42,000. Finally, Private Trust Co. NA increased its stake in Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after acquiring an additional 480 shares during the period. Institutional investors 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.