Patrick Industries (NASDAQ:PATK) Shares Gap Up - Here's Why

Key Points

• Patrick Industries shares opened higher, gapping from a previous close of $78.59 to $81.52; they later traded at $79.86.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $102.11, with eight Buy and two Hold ratings.
• Latest quarterly results beat expectations: EPS was $1.03 versus a $0.97 estimate, and revenue was $975.28 million compared with forecasts of $938.49 million.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) shares gapped up prior to trading on Friday. The stock had previously closed at $78.59, but opened at $81.52. Patrick Industries shares last traded at $79.86, with a volume of 21,442 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PATK shares. Roth Capital restated a "buy" rating and issued a $96.00 target price on shares of Patrick Industries in a report on Tuesday, October 27th. KeyCorp cut their price target on shares of Patrick Industries from $115.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, October 8th. Truist Financial set a $88.00 price target on shares of Patrick Industries and gave the company a "buy" rating in a research report on Friday, October 23rd. Wall Street Zen cut shares of Patrick Industries from a "hold" rating to a "sell" rating in a research report on Saturday, October 31st. Finally, BMO Capital Markets decreased their price objective on shares of Patrick Industries from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, October 13th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $102.11.

Patrick Industries Price Performance

The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.86 and a current ratio of 2.51. The company has a market capitalization of $2.59 billion, a PE ratio of 20.92, a P/E/G ratio of 2.06 and a beta of 1.21. The company's 50-day simple moving average is $71.95 and its 200-day simple moving average is $93.88.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The construction company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.06. The firm had revenue of $975.28 million for the quarter, compared to analysts' expectations of $938.49 million. Patrick Industries had a return on equity of 12.61% and a net margin of 3.38%. The firm's revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 EPS. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 4.24 earnings per share for the current year.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new stake in shares of Patrick Industries in the 2nd quarter valued at approximately $65,138,000. Copeland Capital Management LLC boosted its stake in shares of Patrick Industries by 17.6% in the first quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company's stock valued at $62,589,000 after buying an additional 84,508 shares in the last quarter. GW&K Investment Management LLC grew its holdings in Patrick Industries by 1.9% during the third quarter. GW&K Investment Management LLC now owns 342,194 shares of the construction company's stock worth $23,194,000 after acquiring an additional 6,399 shares during the period. Bank of America Corp DE acquired a new position in Patrick Industries during the second quarter worth $30,646,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Patrick Industries during the second quarter worth $27,166,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Company Profile

Patrick Industries, Inc. is a manufacturer and distributor of component products and building materials for recreational vehicles, marine products, manufactured housing, and other markets. Founded in 1959 and headquartered in Elkhart, Indiana, the company supplies products used in the construction and furnishing of vehicles, homes, and industrial applications. Its offerings include cabinetry, countertops, flooring, insulation, furniture, fabricated metal products, laminates, and other interior and structural components.

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.