KeyCorp Boosts Patrick Industries (NASDAQ:PATK) Price Target to $110.00

Patrick Industries (NASDAQ:PATK) had its target price upped by equities researchers at KeyCorp from $100.00 to $110.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. KeyCorp’s price objective indicates a potential upside of 16.94% from the stock’s previous close.

Several other research firms have also recently weighed in on PATK. Raymond James cut their price objective on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research report on Friday, November 1st. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. BMO Capital Markets boosted their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Truist Financial dropped their price target 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. Finally, Benchmark reaffirmed a “buy” rating and set a $96.67 price target on shares of Patrick Industries in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.88.

Patrick Industries Trading Down 1.0 %

NASDAQ PATK traded down $0.95 during trading hours on Friday, hitting $94.06. 9,013 shares of the company’s stock were exchanged, compared to its average volume of 368,122. The stock has a 50-day simple moving average of $89.13 and a 200 day simple moving average of $88.42. Patrick Industries has a 1-year low of $67.10 and a 1-year high of $98.90. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 20.30, a PEG ratio of 1.46 and a beta of 2.26. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating the consensus estimate 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 forecast that Patrick Industries will post 4.28 EPS for the current fiscal year.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction on 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. This represents a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently modified their holdings of the company. Trust Point Inc. increased its holdings in shares of Patrick Industries by 1.1% during the 3rd quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock worth $1,276,000 after buying an additional 96 shares during the last quarter. Amalgamated Bank increased its stake in 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 purchasing an additional 136 shares during the period. First Horizon Advisors Inc. raised its holdings in Patrick Industries by 21.4% during the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after purchasing an additional 139 shares in the last quarter. UMB Bank n.a. increased its holdings in Patrick Industries by 35.1% in the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock valued at $64,000 after buying an additional 199 shares in the last quarter. Finally, Global Retirement Partners LLC grew its position in shares of Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after purchasing an additional 199 shares during the last quarter. 93.29% of the stock is 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.