Truist Financial Forecasts Strong Price Appreciation for Patrick Industries (NASDAQ:PATK) Stock

Patrick Industries (NASDAQ:PATK) had its target price raised by investment analysts at Truist Financial from $115.00 to $120.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Truist Financial’s target price suggests a potential upside of 28.15% from the stock’s previous close.

Several other brokerages have also recently weighed in on PATK. Raymond James lifted their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark increased their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. BMO Capital Markets boosted their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, KeyCorp increased their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Trading Up 0.2 %

PATK stock opened at $93.64 on Monday. Patrick Industries has a 52 week low of $67.72 and a 52 week high of $98.90. The company has a market capitalization of $3.15 billion, a PE ratio of 22.73, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26. The company’s 50-day simple moving average is $89.38 and its 200 day simple moving average is $88.77. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.97 and a current ratio of 2.33.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, sell-side analysts anticipate that Patrick Industries will post 5.38 earnings per share for the current year.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the completion of the transaction, the chief executive officer now owns 379,678 shares in the company, valued at $34,171,020. This trade represents a 7.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new stake in shares of Patrick Industries in the second quarter valued at about $620,000. GAMMA Investing LLC increased its position in Patrick Industries by 76.2% during the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after purchasing an additional 205 shares during the period. UMB Bank n.a. raised its holdings in Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after purchasing an additional 362 shares during the last quarter. Ritholtz Wealth Management lifted its position in shares of Patrick Industries by 10.3% in the 3rd quarter. Ritholtz Wealth Management now owns 13,852 shares of the construction company’s stock worth $1,972,000 after purchasing an additional 1,292 shares during the period. Finally, Sound Income Strategies LLC bought a new stake in shares of Patrick Industries in the 3rd quarter valued at $46,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.