Patrick Industries (NASDAQ:PATK) PT Raised to $150.00 at KeyCorp

Patrick Industries (NASDAQ:PATK) had its target price upped by research analysts at KeyCorp from $135.00 to $150.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the construction company’s stock. KeyCorp’s price objective would indicate a potential upside of 10.70% from the company’s current price.

PATK has been the subject of a number of other research reports. Raymond James began coverage on Patrick Industries in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 price objective for the company. Robert W. Baird increased their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Benchmark restated a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research note on Tuesday, September 17th. BMO Capital Markets raised their target price on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Truist Financial raised their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Patrick Industries has an average rating of “Moderate Buy” and an average target price of $140.38.

Patrick Industries Trading Down 0.9 %

Shares of PATK stock opened at $135.50 on Wednesday. The company has a market cap of $3.04 billion, a P/E ratio of 19.44, a PEG ratio of 1.25 and a beta of 1.61. The stock has a 50 day simple moving average of $135.94 and a two-hundred day simple moving average of $120.67. 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 fifty-two week low of $70.15 and a fifty-two week high of $148.35.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. Patrick Industries’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.94 EPS. Research analysts forecast that Patrick Industries will post 7.26 earnings per share for the current year.

Insider Activity at Patrick Industries

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on 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 transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,411 shares of company stock valued at $3,858,915. Corporate insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. purchased a new position in Patrick Industries in the 2nd quarter worth approximately $41,000. Sound Income Strategies LLC purchased a new position in Patrick Industries in the 3rd quarter worth approximately $46,000. GAMMA Investing LLC increased its stake in Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after purchasing an additional 205 shares during the period. UMB Bank n.a. increased its stake in Patrick Industries by 176.6% in 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 period. Finally, nVerses Capital LLC purchased a new position in Patrick Industries in the 3rd quarter worth approximately $157,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.