Patrick Industries (NASDAQ:PATK) Given New $136.00 Price Target at Raymond James

by · The Cerbat Gem

Patrick Industries (NASDAQ:PATK – Get Free Report) had its price objective cut by research analysts at Raymond James from $160.00 to $136.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the construction company’s stock. Raymond James’ price objective would indicate a potential upside of 17.47% from the company’s current price.

Several other research firms have also recently issued reports on PATK. BMO Capital Markets boosted their target price on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday. DA Davidson raised their target price on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Benchmark reiterated a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research report on Tuesday, September 17th. Robert W. Baird boosted their price objective on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, KeyCorp lifted their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $139.88.

Check Out Our Latest Stock Report on Patrick Industries

Patrick Industries Price Performance

NASDAQ:PATK opened at $115.77 on Friday. The firm’s fifty day moving average is $136.64 and its two-hundred day moving average is $121.72. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 1.19 and a beta of 1.62. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.94 and a current ratio of 2.41. Patrick Industries has a one year low of $75.01 and a one year high of $148.35.

Patrick Industries (NASDAQ:PATK – Get Free Report) last posted its earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same period last year, the business earned $1.81 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. Research analysts expect that Patrick Industries will post 7.21 EPS for the current year.

Insiders Place Their Bets

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the transaction, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock valued at $3,858,915 in the last three months. 4.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently modified their holdings of PATK. Xponance Inc. lifted its position in Patrick Industries by 4.1% in the second quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after buying an additional 83 shares during the last quarter. Trust Point Inc. boosted its position in shares of Patrick Industries by 1.1% during the 3rd quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock worth $1,276,000 after purchasing an additional 96 shares during the period. FORA Capital LLC increased its holdings in Patrick Industries by 2.9% in the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after purchasing an additional 128 shares during the last quarter. SummerHaven Investment Management LLC raised its position in Patrick Industries by 1.5% in the second quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after purchasing an additional 135 shares during the period. Finally, Amalgamated Bank lifted its stake in Patrick Industries by 2.1% during the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after purchasing an additional 136 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

(Get Free Report)

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.

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