Truist Financial Issues Pessimistic Forecast for Patrick Industries (NASDAQ:PATK) Stock Price

Patrick Industries (NASDAQ:PATK) had its target price dropped by equities researchers at Truist Financial from $110.00 to $105.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Truist Financial’s price objective would indicate a potential upside of 25.79% from the stock’s previous close.

A number of other brokerages also recently issued reports on PATK. BMO Capital Markets lifted their price target on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. StockNews.com raised Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, January 1st. KeyCorp raised their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Benchmark restated a “buy” rating and issued a $96.67 target price on shares of Patrick Industries in a report on Monday, November 4th. Finally, Raymond James cut their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.63.

Patrick Industries Trading Up 0.8 %

PATK opened at $83.47 on Tuesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 1.69 and a beta of 2.26. The business has a fifty day moving average price of $86.38 and a 200 day moving average price of $85.81. Patrick Industries has a 12 month low of $60.67 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter in the previous year, the company posted $1.21 earnings per share. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. Sell-side analysts expect that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total value of $2,700,000.00. Following the transaction, the chief executive officer now owns 379,678 shares of the company’s stock, valued at approximately $34,171,020. The trade was a 7.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Assetmark Inc. lifted its stake in shares of Patrick Industries by 1,589.0% in the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after acquiring an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Patrick Industries by 35.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after purchasing an additional 25,556 shares in the last quarter. Fiera Capital Corp acquired a new stake in Patrick Industries in the third quarter valued at about $27,888,000. Argent Capital Management LLC increased its position in Patrick Industries by 758.4% during the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in shares of Patrick Industries by 8.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after buying an additional 3,705 shares in the last quarter. 93.29% of the stock is currently 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.