Robert W. Baird Issues Positive Forecast for Patrick Industries (NASDAQ:PATK) Stock Price

Patrick Industries (NASDAQ:PATK - Get Free Report) had its price objective hoisted by research analysts at Robert W. Baird from $84.00 to $90.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the construction company's stock. Robert W. Baird's price target would suggest a potential upside of 1.39% from the stock's previous close.

A number of other equities research analysts also recently weighed in on the company. Raymond James Financial dropped their target price on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. KeyCorp dropped their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Roth Mkm restated a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Truist Financial lifted their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Finally, Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $96.42.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $88.77 on Friday. The business has a fifty day moving average of $84.86 and a 200-day moving average of $87.02. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. Patrick Industries has a twelve month low of $69.86 and a twelve month high of $98.90. The firm has a market cap of $2.97 billion, a PE ratio of 21.29, a price-to-earnings-growth ratio of 1.29 and a beta of 1.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly 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 net margin of 3.74% and a return on equity of 12.90%. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. During the same quarter last year, the business posted $1.79 earnings per share. Patrick Industries's revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities research analysts predict that Patrick Industries will post 5.33 EPS for the current fiscal year.

Insider Buying and Selling at Patrick Industries

In related news, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the transaction, the director now directly owns 52,591 shares of the company's stock, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland purchased 5,000 shares of the company's stock in a transaction on Monday, May 19th. The shares were purchased at an average cost of $87.49 per share, for a total transaction of $437,450.00. Following the completion of the transaction, the director now directly owns 130,286 shares of the company's stock, valued at approximately $11,398,722.14. This represents a 3.99% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 14,071 shares of company stock worth $1,205,964 over the last ninety days. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently bought and sold shares of PATK. Kestra Investment Management LLC bought a new stake in Patrick Industries in the fourth quarter valued at approximately $25,000. Covestor Ltd increased its holdings in shares of 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 acquiring an additional 312 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Patrick Industries by 49.8% in 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 period. Nomura Asset Management Co. Ltd. raised its stake in Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after acquiring an additional 114 shares during the period. Finally, Strs Ohio acquired a new stake in Patrick Industries during the 1st quarter valued at $42,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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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