Patrick Industries (NASDAQ:PATK) Given Buy Rating at Benchmark

Patrick Industries (NASDAQ:PATK)‘s stock had its “buy” rating restated by research analysts at Benchmark in a research note issued on Tuesday, Benzinga reports. They presently have a $145.00 price objective on the construction company’s stock. Benchmark’s price objective would suggest a potential upside of 6.20% from the company’s previous close.

Several other research analysts have also issued reports on the stock. Robert W. Baird lifted their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Truist Financial lifted their target price on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. DA Davidson upped their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, KeyCorp increased their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average price target of $133.29.

Patrick Industries Stock Up 0.9 %

Patrick Industries stock opened at $136.54 on Tuesday. Patrick Industries has a 52 week low of $70.15 and a 52 week high of $136.84. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 20.23, a PEG ratio of 1.05 and a beta of 1.62. The company’s 50-day moving average price is $123.75 and its two-hundred day moving average price is $115.51. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.94 earnings per share. On average, analysts expect that Patrick Industries will post 7.32 EPS for the current fiscal year.

Insider Activity

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock worth $3,858,915 in the last ninety days. Corporate insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. grew its position in shares of Patrick Industries by 20.1% in the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after purchasing an additional 221,904 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Patrick Industries in the 2nd quarter valued at approximately $22,460,000. Norges Bank bought a new position in Patrick Industries in the 4th quarter worth approximately $14,782,000. Peregrine Capital Management LLC acquired a new position in shares of Patrick Industries during the first quarter worth approximately $8,546,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after acquiring an additional 26,389 shares during the period. Institutional investors and hedge funds 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.