Truist Financial Has Lowered Expectations for Patrick Industries (NASDAQ:PATK) Stock Price

Key Points

• Truist Financial cut its price target on Patrick Industries from $126 to $113 while maintaining a buy rating, implying about 34% upside from the stock’s current price.
• The stock was down 4.2% to $84.05 in Wednesday trading, near its 52-week low of $82.35 and well below its 200-day moving average of $109.16.
• Patrick Industries recently beat quarterly earnings estimates, reporting $1.10 EPS on $997.17 million in revenue, and analysts currently hold a Moderate Buy consensus with a $121 average target price.

Patrick Industries (NASDAQ:PATK - Get Free Report) had its target price decreased by Truist Financial from $126.00 to $113.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the construction company's stock. Truist Financial's target price would indicate a potential upside of 34.44% from the stock's current price.

Other research analysts have also recently issued research reports about the stock. Roth Capital set a $128.00 price objective on shares of Patrick Industries in a report on Tuesday, May 5th. Weiss Ratings lowered shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, June 29th. Zacks Research cut shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 5th. Robert W. Baird set a $110.00 price target on shares of Patrick Industries in a report on Friday, May 1st. Finally, KeyCorp dropped their price objective on Patrick Industries from $140.00 to $125.00 and set an "overweight" rating on the stock in a research note on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $121.00.

Patrick Industries Trading Down 4.2%

NASDAQ:PATK traded down $3.67 during mid-day trading on Wednesday, hitting $84.05. The company had a trading volume of 94,973 shares, compared to its average volume of 489,168. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. Patrick Industries has a fifty-two week low of $82.35 and a fifty-two week high of $148.50. The firm has a market cap of $2.76 billion, a P/E ratio of 21.64 and a beta of 1.11. The business's fifty day moving average is $90.09 and its two-hundred day moving average is $109.16.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. The company had revenue of $997.17 million during the quarter, compared to analyst estimates of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company's revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.11 EPS. As a group, research analysts expect that Patrick Industries will post 4.89 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jacob R. Petkovich acquired 1,300 shares of the stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $95.57 per share, with a total value of $124,241.00. Following the completion of the transaction, the insider directly owned 46,290 shares of the company's stock, valued at approximately $4,423,935.30. The trade was a 2.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director M Scott Welch acquired 10,050 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $88.23 per share, for a total transaction of $886,711.50. Following the completion of the acquisition, the director owned 156,000 shares of the company's stock, valued at $13,763,880. This trade represents a 6.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 28,700 shares of company stock valued at $2,532,880. 3.80% of the stock is owned by corporate insiders.

Institutional Trading of Patrick Industries

A number of institutional investors have recently modified their holdings of PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Patrick Industries by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company's stock worth $1,632,000 after buying an additional 851 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Patrick Industries by 5.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company's stock valued at $5,957,000 after acquiring an additional 3,748 shares in the last quarter. Strs Ohio bought a new stake in Patrick Industries in the 1st quarter valued at approximately $42,000. Cetera Investment Advisers boosted its position in Patrick Industries by 64.8% during the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company's stock worth $559,000 after acquiring an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in shares of Patrick Industries during the 2nd quarter worth approximately $340,000. 93.29% of the stock is currently owned by institutional investors.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.

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