Patrick Industries (NASDAQ:PATK) Price Target Cut to $80.00 by Analysts at Truist Financial

Patrick Industries (NASDAQ:PATK – Get Rating) had its price objective lowered by Truist Financial from $84.00 to $80.00 in a research report report published on Thursday morning, The Fly reports.

Other equities research analysts have also issued research reports about the stock. StockNews.com assumed coverage on shares of Patrick Industries in a report on Thursday, May 18th. They issued a hold rating for the company. Bank of America raised their price objective on shares of Patrick Industries from $53.00 to $63.00 in a research note on Monday, March 27th. TheStreet raised shares of Patrick Industries from a c+ rating to a b- rating in a research note on Thursday, February 9th. Roth Capital reissued a buy rating on shares of Patrick Industries in a research note on Friday, February 10th. Finally, Robert W. Baird raised their price objective on shares of Patrick Industries from $74.00 to $85.00 and gave the stock an outperform rating in a report on Friday, February 10th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $73.17.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $69.34 on Thursday. The firm has a 50-day simple moving average of $67.44 and a 200-day simple moving average of $65.36. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 6.76, a price-to-earnings-growth ratio of 3.29 and a beta of 1.88. The company has a quick ratio of 0.98, a current ratio of 2.87 and a debt-to-equity ratio of 1.37. Patrick Industries has a 52 week low of $41.75 and a 52 week high of $77.96.

Patrick Industries (NASDAQ:PATK – Get Rating) last issued its earnings results on Thursday, April 27th. The construction company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.02. Patrick Industries had a net margin of 5.53% and a return on equity of 27.78%. The business had revenue of $900.10 million during the quarter, compared to analysts’ expectations of $834.46 million. During the same period in the prior year, the business earned $4.54 earnings per share. The company’s quarterly revenue was down 32.9% compared to the same quarter last year. On average, equities analysts predict that Patrick Industries will post 6.9 earnings per share for the current fiscal year.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $68.52, for a total transaction of $685,200.00. Following the sale, the director now directly owns 97,916 shares in the company, valued at approximately $6,709,204.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Patrick Industries news, Director Todd M. Cleveland sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $68.52, for a total transaction of $685,200.00. Following the sale, the director now directly owns 97,916 shares in the company, valued at approximately $6,709,204.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Todd M. Cleveland sold 2,500 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $69.09, for a total transaction of $172,725.00. Following the completion of the sale, the director now directly owns 125,416 shares in the company, valued at $8,664,991.44. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. purchased a new position in shares of Patrick Industries during the 4th quarter worth about $532,000. AlphaCrest Capital Management LLC lifted its holdings in shares of Patrick Industries by 57.3% during the 3rd quarter. AlphaCrest Capital Management LLC now owns 24,385 shares of the construction company’s stock worth $1,069,000 after acquiring an additional 8,884 shares during the period. Cubist Systematic Strategies LLC lifted its holdings in shares of Patrick Industries by 8.9% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 115,433 shares of the construction company’s stock worth $5,061,000 after acquiring an additional 9,410 shares during the period. Epoch Investment Partners Inc. lifted its holdings in shares of Patrick Industries by 8.3% during the 3rd quarter. Epoch Investment Partners Inc. now owns 207,474 shares of the construction company’s stock worth $9,096,000 after acquiring an additional 15,964 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Patrick Industries by 64.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 8,910 shares of the construction company’s stock worth $540,000 after acquiring an additional 3,498 shares during the period. 89.53% of the stock is currently owned by hedge funds and other institutional investors.

About Patrick Industries

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Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.