Patrick Industries (NASDAQ:PATK) Price Target Raised to $155.00 at BMO Capital Markets

Patrick Industries (NASDAQ:PATK) had its target price raised by investment analysts at BMO Capital Markets from $150.00 to $155.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the construction company’s stock. BMO Capital Markets’ target price would indicate a potential upside of 28.72% from the stock’s current price.

A number of other research analysts have also recently commented on PATK. Robert W. Baird raised their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. DA Davidson upped their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Truist Financial raised their price target on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. KeyCorp upped their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Raymond James began coverage on Patrick Industries in a report on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 price target on the stock. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $142.88.

Patrick Industries Price Performance

Patrick Industries stock traded down $5.56 during mid-day trading on Friday, hitting $120.42. The company’s stock had a trading volume of 195,491 shares, compared to its average volume of 177,458. Patrick Industries has a twelve month low of $75.01 and a twelve month high of $148.35. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $2.70 billion, a P/E ratio of 17.11, a P/E/G ratio of 1.26 and a beta of 1.61. The stock’s fifty day moving average price is $137.01 and its two-hundred day moving average price is $121.62.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. During the same period in the previous year, the firm posted $1.81 EPS. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. Research analysts forecast that Patrick Industries will post 7.21 earnings per share for the current year.

Insider Activity at Patrick Industries

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

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Patrick Industries in the 2nd quarter worth approximately $41,000. Sound Income Strategies LLC bought a new stake in Patrick Industries in the 3rd quarter worth approximately $46,000. GAMMA Investing LLC increased its position in shares of Patrick Industries by 76.2% during the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after purchasing an additional 205 shares during the last quarter. UMB Bank n.a. grew its holdings in Patrick Industries by 176.6% during the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after purchasing an additional 362 shares during the period. Finally, nVerses Capital LLC purchased a new stake in shares of Patrick Industries in the third quarter worth $157,000. 93.29% of the stock is currently owned by hedge funds and other 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.