Patrick Industries (NASDAQ:PATK) Price Target Raised to $109.00

Key Points

• Raymond James Financial has raised its target price on Patrick Industries (NASDAQ:PATK) from $95.00 to $109.00, suggesting a potential upside of 13.53% from its current trading price.
• Patrick Industries reported earnings per share (EPS) of $1.50 for the last quarter, exceeding analyst expectations by $0.09, and had a year-over-year revenue increase of 3.0%.
• Analysts currently have a consensus rating of "Moderate Buy" for Patrick Industries, with a mix of buy and hold ratings from various research firms.

Patrick Industries (NASDAQ:PATK - Get Free Report) had its target price upped by equities research analysts at Raymond James Financial from $95.00 to $109.00 in a report released on Friday,Benzinga reports. The firm presently has an "outperform" rating on the construction company's stock. Raymond James Financial's price objective points to a potential upside of 6.01% from the company's current price.

Several other equities analysts also recently weighed in on the stock. Roth Mkm reiterated a "buy" rating and issued a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Truist Financial upped their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Robert W. Baird increased their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 20th. Finally, KeyCorp raised their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $101.25.

Patrick Industries Trading Up 2.5%

PATK traded up $2.47 during mid-day trading on Friday, hitting $102.82. The stock had a trading volume of 326,278 shares, compared to its average volume of 358,687. Patrick Industries has a 1-year low of $72.99 and a 1-year high of $103.96. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The stock's fifty day simple moving average is $93.96 and its 200-day simple moving average is $89.40. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 27.86, a price-to-earnings-growth ratio of 1.43 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The business's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.16 EPS. As a group, research analysts forecast that Patrick Industries will post 5.33 EPS for the current fiscal year.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland acquired 1,000 shares of Patrick Industries stock in a transaction dated Tuesday, June 3rd. The stock was bought at an average cost of $82.75 per share, for a total transaction of $82,750.00. Following the purchase, the director directly owned 133,286 shares in the company, valued at approximately $11,029,416.50. This represents a 0.76% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John A. Forbes sold 2,875 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director directly owned 52,591 shares in the company, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 14,071 shares of company stock worth $1,205,964. 4.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Patrick Industries by 4.2% in the 1st quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company's stock worth $204,932,000 after buying an additional 97,250 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after buying an additional 609,036 shares in the last quarter. Capital World Investors increased its position in Patrick Industries by 50.0% during the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after acquiring an additional 314,773 shares during the last quarter. Geode Capital Management LLC lifted its stake in Patrick Industries by 50.0% in the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock worth $64,752,000 after acquiring an additional 259,783 shares during the period. Finally, Invesco Ltd. raised its position in shares of Patrick Industries by 61.6% in the 4th quarter. Invesco Ltd. now owns 709,140 shares of the construction company's stock valued at $58,915,000 after purchasing an additional 270,266 shares during the last quarter. Institutional investors own 93.29% of the company's stock.

About Patrick Industries

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.