Patrick Industries (NASDAQ:PATK) Price Target Cut to $105.00 by Analysts at Truist Financial

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

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

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $83.47 on Tuesday. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 1.69 and a beta of 2.26. 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 business’s 50 day simple moving average is $86.38 and its 200-day simple moving average is $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 posted its earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.02). The firm had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the company posted $1.21 EPS. As a group, equities analysts forecast 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 15,000 shares of Patrick Industries stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the transaction, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at $34,192,209.28. The trade was a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently bought and sold shares of PATK. Xponance Inc. boosted its position in Patrick Industries by 4.1% during the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after purchasing an additional 83 shares during the period. Trust Point Inc. lifted its stake in shares of Patrick Industries by 1.1% during the third 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 in the last quarter. Amalgamated Bank grew its stake in shares of Patrick Industries by 2.1% in the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock valued at $936,000 after buying an additional 136 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after buying an additional 139 shares during the period. Finally, BOKF NA lifted its position in Patrick Industries by 3.7% during the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock worth $526,000 after acquiring an additional 172 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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.