Raymond James Boosts Patrick Industries (NASDAQ:PATK) Price Target to $103.00

Patrick Industries (NASDAQ:PATK) had its price target raised by equities research analysts at Raymond James from $99.00 to $103.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the construction company’s stock. Raymond James’ price objective would suggest a potential upside of 8.31% from the stock’s current price.

Several other analysts also recently weighed in on the company. BMO Capital Markets boosted their target price on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. Truist Financial dropped their target price on Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Benchmark restated a “buy” rating and issued a $96.67 price target on shares of Patrick Industries in a report on Monday, November 4th. KeyCorp upped their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday. Finally, StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $95.42.

Patrick Industries Trading Up 0.1 %

NASDAQ:PATK traded up $0.09 on Friday, reaching $95.10. The company’s stock had a trading volume of 106,028 shares, compared to its average volume of 371,630. Patrick Industries has a 12-month low of $67.10 and a 12-month high of $98.90. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of 20.49, a price-to-earnings-growth ratio of 1.46 and a beta of 2.26. The stock has a 50 day moving average price of $89.13 and a 200 day moving average price of $88.42.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating 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 EPS for the current fiscal year.

Insider Buying and Selling at Patrick Industries

In related news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the completion of the sale, the chief executive officer now directly owns 379,678 shares in the company, valued at approximately $34,171,020. This represents a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Hedge funds have recently bought and sold shares of the company. State Street Corp raised its position in shares of Patrick Industries by 3.5% during the third quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after buying an additional 27,669 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Patrick Industries by 55.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after purchasing an additional 195,138 shares in the last quarter. Geode Capital Management LLC raised its position in Patrick Industries by 4.1% in the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock worth $73,968,000 after purchasing an additional 20,694 shares in the last quarter. Wellington Management Group LLP raised its position in Patrick Industries by 2.5% in the third quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock worth $58,699,000 after purchasing an additional 9,917 shares in the last quarter. Finally, Copeland Capital Management LLC raised its position in Patrick Industries by 536.5% in the fourth quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock worth $29,976,000 after purchasing an additional 304,119 shares in the last quarter. 93.29% of the stock is currently owned by 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.