Truist Financial Forecasts Strong Price Appreciation for Patrick Industries (NASDAQ:PATK) Stock

Patrick Industries (NASDAQ:PATK - Get Free Report) had its target price hoisted by Truist Financial from $100.00 to $105.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the construction company's stock. Truist Financial's price target would indicate a potential upside of 20.90% from the company's current price.

Other research analysts have also recently issued research reports about the company. Robert W. Baird reduced their price objective on Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Roth Mkm reissued 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. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Raymond James lowered their target price on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Patrick Industries presently has a consensus rating of "Moderate Buy" and a consensus price target of $95.67.

Patrick Industries Trading Up 0.9%

Patrick Industries stock traded up $0.80 during midday trading on Tuesday, reaching $86.85. The stock had a trading volume of 214,008 shares, compared to its average volume of 358,869. Patrick Industries has a twelve month low of $67.72 and a twelve month high of $98.90. The stock has a market capitalization of $2.90 billion, a PE ratio of 21.08, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The stock's 50-day simple moving average is $82.65 and its 200 day simple moving average is $86.96.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The firm had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. During the same quarter last year, the firm earned $1.79 earnings per share. The firm's revenue for the quarter was up 7.5% compared to the same quarter last year. Analysts expect that Patrick Industries will post 5.33 EPS for the current year.

Insiders Place Their Bets

In related news, Director Todd M. Cleveland acquired 5,000 shares of the business's stock in a transaction dated Monday, May 19th. The stock was bought at an average price of $87.49 per share, for a total transaction of $437,450.00. Following the transaction, the director now owns 130,286 shares of the company's stock, valued at approximately $11,398,722.14. The trade was a 3.99% 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 hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the sale, the executive vice president now owns 18,044 shares of the company's stock, valued at $1,543,303.32. This trade represents a 13.78% decrease in their position. The disclosure for this sale can be found here. Insiders bought 23,500 shares of company stock worth $2,026,000 over the last ninety days. Company insiders own 4.40% of the company's stock.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Quadrant Capital Group LLC lifted its position 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 valued at $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in 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 purchasing an additional 114 shares during the period. James Investment Research Inc. raised its stake in Patrick Industries by 0.8% during the 1st quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock valued at $1,324,000 after purchasing an additional 125 shares during the period. Smartleaf Asset Management LLC raised its stake in Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock valued at $63,000 after purchasing an additional 160 shares during the period. Finally, Hancock Whitney Corp raised its stake in Patrick Industries by 7.7% during the 1st quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company's stock valued at $229,000 after purchasing an additional 194 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.