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

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 increased by investment analysts at Raymond James Financial from $95.00 to $109.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the construction company's stock. Raymond James Financial's price objective would suggest a potential upside of 13.53% from the stock's current price.

Several other research firms also recently weighed in on PATK. KeyCorp upped their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Roth Mkm restated a "buy" rating and issued a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Robert W. Baird upped their price target on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 20th. Finally, Truist Financial increased their target price on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average target price of $99.42.

Patrick Industries Stock Down 1.3%

Shares of NASDAQ:PATK traded down $1.23 during trading on Friday, hitting $96.01. The stock had a trading volume of 28,831 shares, compared to its average volume of 357,186. Patrick Industries has a 12 month low of $72.99 and a 12 month high of $103.25. The company has a market capitalization of $3.21 billion, a PE ratio of 23.00, a PEG ratio of 1.46 and a beta of 1.22. The firm's fifty day moving average is $93.43 and its 200 day moving average is $89.28. The company has a quick ratio of 1.04, a current ratio of 2.41 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.09. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company earned $2.16 EPS. The business's revenue was up 3.0% compared to the same quarter last year. Analysts anticipate that Patrick Industries will post 5.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction on 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 owned 52,591 shares in the company, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Todd M. Cleveland acquired 1,000 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was bought at an average price of $82.75 per share, with a total value of $82,750.00. Following the purchase, the director directly owned 133,286 shares of the company's stock, valued at $11,029,416.50. This represents a 0.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 14,071 shares of company stock worth $1,205,964. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Patrick Industries

Several institutional investors have recently made changes to their positions in PATK. Quadrant Capital Group LLC grew 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 buying an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Patrick Industries by 49.6% during the fourth 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 last quarter. James Investment Research Inc. lifted its stake in Patrick Industries by 0.8% during the first 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 last quarter. Smartleaf Asset Management LLC lifted its stake in Patrick Industries by 27.0% during the first 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 last quarter. Finally, Hancock Whitney Corp lifted its position in Patrick Industries by 7.7% in the 1st quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company's stock worth $229,000 after buying an additional 194 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.

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