Patrick Industries (NASDAQ:PATK) PT Raised to $68.00

Patrick Industries (NASDAQ:PATKGet Rating) had its target price boosted by equities researchers at KeyCorp from $65.00 to $68.00 in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage currently has an “overweight” rating on the construction company’s stock. KeyCorp’s price objective would suggest a potential upside of 20.48% from the stock’s previous close.

Several other analysts have also recently issued reports on the stock. TheStreet cut shares of Patrick Industries from a “b-” rating to a “c+” rating in a research report on Thursday, July 14th. MKM Partners began coverage on shares of Patrick Industries in a research report on Thursday, May 5th. They issued a “buy” rating and a $93.00 price objective on the stock. Bank of America began coverage on shares of Patrick Industries in a research report on Monday, April 4th. They issued an “underperform” rating and a $60.00 price objective on the stock. Truist Financial reduced their price objective on shares of Patrick Industries to $75.00 in a research report on Thursday, May 26th. Finally, StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, May 31st. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $74.00.

Patrick Industries Stock Down 5.3 %

Shares of NASDAQ PATK opened at $56.44 on Monday. The firm’s 50-day moving average price is $56.11 and its 200-day moving average price is $61.92. The company has a current ratio of 2.58, a quick ratio of 1.02 and a debt-to-equity ratio of 1.64. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 3.92, a P/E/G ratio of 0.76 and a beta of 1.94. Patrick Industries has a 12-month low of $49.79 and a 12-month high of $88.79.

Patrick Industries (NASDAQ:PATKGet Rating) last announced its earnings results on Thursday, July 28th. The construction company reported $5.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.42 by $1.89. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Patrick Industries had a net margin of 6.92% and a return on equity of 45.44%. On average, equities research analysts anticipate that Patrick Industries will post 12.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other Patrick Industries news, Chairman Todd M. Cleveland sold 3,103 shares of the company’s stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $65.04, for a total value of $201,819.12. Following the transaction, the chairman now directly owns 212,414 shares in the company, valued at approximately $13,815,406.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Todd M. Cleveland sold 3,103 shares of the stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $65.04, for a total transaction of $201,819.12. Following the transaction, the chairman now directly owns 212,414 shares in the company, valued at $13,815,406.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Todd M. Cleveland sold 5,000 shares of the stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $67.65, for a total transaction of $338,250.00. Following the transaction, the chairman now owns 190,517 shares in the company, valued at $12,888,475.05. The disclosure for this sale can be found here. Insiders have sold 13,103 shares of company stock worth $873,469 in the last three months. Corporate insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Advisor Group Holdings Inc. boosted its stake in shares of Patrick Industries by 2.8% during the first quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock valued at $333,000 after purchasing an additional 149 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in Patrick Industries by 5.5% in the first quarter. Mutual of America Capital Management LLC now owns 3,238 shares of the construction company’s stock valued at $195,000 after acquiring an additional 168 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Patrick Industries by 0.8% in the fourth quarter. Russell Investments Group Ltd. now owns 24,691 shares of the construction company’s stock valued at $1,991,000 after acquiring an additional 187 shares in the last quarter. Maryland State Retirement & Pension System boosted its stake in Patrick Industries by 2.2% in the first quarter. Maryland State Retirement & Pension System now owns 9,090 shares of the construction company’s stock valued at $548,000 after acquiring an additional 196 shares in the last quarter. Finally, FinTrust Capital Advisors LLC boosted its stake in Patrick Industries by 75.4% in the second quarter. FinTrust Capital Advisors LLC now owns 491 shares of the construction company’s stock valued at $29,000 after acquiring an additional 211 shares in the last quarter. 94.85% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

(Get Rating)

Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

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