Patrick Industries, Inc. (NASDAQ:PATK) Receives $116.25 Consensus Target Price from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received an average recommendation of “Moderate Buy” from the nine analysts that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $113.1250.

PATK has been the topic of a number of research analyst reports. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. BMO Capital Markets reiterated an “outperform” rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. KeyCorp reduced their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Finally, Truist Financial set a $108.00 target price on Patrick Industries and gave the company a “buy” rating in a report on Monday.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $86.76 on Friday. The firm has a market cap of $2.79 billion, a PE ratio of 20.56 and a beta of 1.11. Patrick Industries has a 12-month low of $81.29 and a 12-month high of $148.50. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The company’s fifty day simple moving average is $86.47 and its two-hundred day simple moving average is $103.47.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.24 by $0.05. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.50 earnings per share. As a group, equities analysts expect that Patrick Industries will post 4.26 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PATK. Bank of New York Mellon Corp bought a new stake in shares of Patrick Industries during the 2nd quarter valued at about $65,138,000. Wellington Management Group LLP raised its stake in Patrick Industries by 19.9% in the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock worth $240,401,000 after buying an additional 367,802 shares in the last quarter. Capital Research Global Investors raised its stake in Patrick Industries by 24.4% in the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after buying an additional 223,014 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock worth $16,255,000 after buying an additional 145,863 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Patrick Industries by 17.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock worth $81,205,000 after buying an additional 112,766 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.