Patrick Industries (NASDAQ:PATK) Price Target Raised to $90.00

Patrick Industries (NASDAQ:PATK - Get Free Report) had its target price upped by research analysts at Robert W. Baird from $84.00 to $90.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the construction company's stock. Robert W. Baird's price objective points to a potential downside of 1.22% from the company's previous close.

A number of other analysts also recently weighed in on the stock. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Roth Mkm reaffirmed a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Truist Financial lifted their target price 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. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Raymond James Financial decreased their price target on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Patrick Industries currently has an average rating of "Moderate Buy" and an average target price of $96.42.

Patrick Industries Trading Up 2.3%

Patrick Industries stock traded up $2.04 during trading hours on Friday, hitting $91.11. The stock had a trading volume of 210,695 shares, compared to its average volume of 356,098. The company has a quick ratio of 1.04, a current ratio of 2.41 and a debt-to-equity ratio of 1.25. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 21.85, a P/E/G ratio of 1.28 and a beta of 2.00. Patrick Industries has a one year low of $69.86 and a one year high of $98.90. The business's 50 day simple moving average is $85.24 and its 200-day simple moving average is $86.95.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The business's quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the company earned $1.79 earnings per share. On average, equities analysts predict that Patrick Industries will post 5.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Todd M. Cleveland purchased 5,000 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were acquired at an average cost of $87.49 per share, with a total value of $437,450.00. Following the purchase, the director now owns 130,286 shares in the company, valued at $11,398,722.14. This represents a 3.99% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John A. Forbes sold 2,875 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last three months, insiders have bought 14,071 shares of company stock valued at $1,205,964. 4.70% of the stock is owned by company insiders.

Institutional Trading of Patrick Industries

Several institutional investors and hedge funds have recently modified their holdings of PATK. New York State Teachers Retirement System raised its stake in shares of Patrick Industries by 48.8% in the fourth quarter. New York State Teachers Retirement System now owns 33,434 shares of the construction company's stock worth $2,778,000 after purchasing an additional 10,961 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Patrick Industries by 53.2% in the fourth quarter. Rhumbline Advisers now owns 94,291 shares of the construction company's stock worth $7,835,000 after purchasing an additional 32,740 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Patrick Industries by 55.3% in the fourth quarter. Principal Financial Group Inc. now owns 173,819 shares of the construction company's stock worth $14,441,000 after purchasing an additional 61,867 shares during the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of Patrick Industries in the fourth quarter worth approximately $86,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Patrick Industries in the fourth quarter worth approximately $25,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

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.