Patrick Industries (NASDAQ:PATK) Price Target Lowered to $84.00 at Robert W. Baird

Patrick Industries (NASDAQ:PATK - Get Free Report) had its target price cut by equities researchers at Robert W. Baird from $96.00 to $84.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the construction company's stock. Robert W. Baird's price objective would suggest a potential upside of 1.30% from the company's previous close.

A number of other equities research analysts also recently commented on the company. Truist Financial reduced their target price on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. StockNews.com raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. KeyCorp reduced their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Raymond James increased their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Finally, Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

Patrick Industries Price Performance

Shares of NASDAQ:PATK traded up $0.09 during midday trading on Friday, hitting $82.92. The company had a trading volume of 412,865 shares, compared to its average volume of 352,465. The business's 50-day simple moving average is $82.91 and its 200-day simple moving average is $87.06. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 20.12, 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 current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries has a twelve month low of $67.72 and a twelve month high of $98.90.

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

Insider Activity at Patrick Industries

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 18,044 shares in the company, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director M Scott Welch bought 2,500 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the transaction, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Kestra Investment Management LLC purchased a new stake in Patrick Industries during the 4th quarter valued at approximately $25,000. Covestor Ltd raised its position in Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after buying an additional 312 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Patrick Industries by 49.8% in 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. increased its stake in shares of Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after acquiring an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC raised its holdings in Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after purchasing an additional 528 shares in the last quarter. Institutional investors and hedge funds 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.