Patrick Industries (NASDAQ:PATK) Stock Price Expected to Rise, Benchmark Analyst Says

Patrick Industries (NASDAQ:PATK) had its price objective hoisted by equities research analysts at Benchmark from $98.00 to $102.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Benchmark’s target price indicates a potential upside of 7.46% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. KeyCorp raised their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. BMO Capital Markets upped their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. Truist Financial decreased their price objective on Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, Raymond James raised their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average target price of $96.08.

Patrick Industries Price Performance

Shares of NASDAQ PATK traded down $0.09 during mid-day trading on Friday, reaching $94.92. The company had a trading volume of 159,294 shares, compared to its average volume of 373,665. The company has a 50-day moving average price of $89.13 and a two-hundred day moving average price of $88.42. The stock has a market cap of $3.19 billion, a PE ratio of 20.45, a P/E/G ratio of 1.46 and a beta of 2.26. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. Patrick Industries has a 1-year low of $67.10 and a 1-year high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. On average, equities analysts anticipate that Patrick Industries will post 4.28 earnings per share for the current year.

Insider Transactions at Patrick Industries

In other news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the chief executive officer now owns 379,678 shares in the company, valued at approximately $34,171,020. This represents a 7.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently added to or reduced their stakes in PATK. Copeland Capital Management LLC grew its position in shares of Patrick Industries by 536.5% in the fourth quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock valued at $29,976,000 after purchasing an additional 304,119 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Patrick Industries in the 4th quarter valued at approximately $16,983,000. Fiera Capital Corp bought a new position in Patrick Industries in the 3rd quarter worth approximately $27,888,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Patrick Industries by 55.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after buying an additional 195,138 shares during the last quarter. Finally, Argent Capital Management LLC boosted its position in shares of Patrick Industries by 758.4% in the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after acquiring an additional 133,413 shares during the period. Institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.