Patrick Industries (NASDAQ:PATK) PT Raised to $165.00

Patrick Industries (NASDAQ:PATK) had its price objective raised by investment analysts at Truist Financial from $150.00 to $165.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Truist Financial’s price objective suggests a potential upside of 12.28% from the stock’s previous close.

A number of other equities research analysts have also issued reports on PATK. KeyCorp increased their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. BMO Capital Markets increased their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Robert W. Baird boosted their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. DA Davidson raised their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Finally, Benchmark reaffirmed a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research note on Tuesday, September 17th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and a consensus target price of $135.43.

Patrick Industries Trading Up 0.4 %

NASDAQ PATK opened at $146.96 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. Patrick Industries has a one year low of $70.15 and a one year high of $147.80. The company’s 50 day moving average price is $126.92 and its 200 day moving average price is $116.30. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 1.10 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same quarter in the previous year, the business posted $1.94 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts predict that Patrick Industries will post 7.32 EPS for the current year.

Insiders Place Their Bets

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the sale, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the sale, the director now owns 82,374 shares in the company, valued at approximately $10,795,112.70. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock valued at $3,858,915 in the last ninety days. Corporate insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently added to or reduced their stakes in PATK. Sanctuary Advisors LLC acquired a new stake in shares of Patrick Industries during the second quarter worth $620,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Patrick Industries during the 2nd quarter valued at about $41,000. Algert Global LLC acquired a new stake in Patrick Industries during the second quarter worth about $233,000. The Manufacturers Life Insurance Company lifted its holdings in Patrick Industries by 5.2% in the second quarter. The Manufacturers Life Insurance Company now owns 11,842 shares of the construction company’s stock worth $1,285,000 after acquiring an additional 589 shares during the last quarter. Finally, Anchor Capital Management Company LLC boosted its stake in Patrick Industries by 18.0% in the second quarter. Anchor Capital Management Company LLC now owns 146,088 shares of the construction company’s stock valued at $15,858,000 after acquiring an additional 22,279 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.