Patrick Industries (NASDAQ:PATK) Price Target Raised to $115.00 at Benchmark

Patrick Industries (NASDAQ:PATK) had its price objective boosted by Benchmark from $110.00 to $115.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Benchmark’s target price would indicate a potential upside of 11.21% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. BMO Capital Markets reissued an “outperform” rating and set a $115.00 target price on shares of Patrick Industries in a research note on Friday. KeyCorp lifted their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday. Raymond James Financial lifted their price objective on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Loop Capital began coverage on shares of Patrick Industries in a research note on Friday. They issued a “hold” rating and a $99.00 price objective on the stock. Finally, Truist Financial set a $114.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Seven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $108.00.

Patrick Industries Price Performance

Patrick Industries stock traded up $0.59 during trading hours on Tuesday, hitting $103.41. 45,651 shares of the company traded hands, compared to its average volume of 334,911. The firm has a market cap of $3.44 billion, a P/E ratio of 27.93, a P/E/G ratio of 1.40 and a beta of 1.34. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The firm’s 50-day simple moving average is $105.11 and its two-hundred day simple moving average is $97.42. Patrick Industries has a 1-year low of $72.99 and a 1-year high of $116.78.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.95 by $0.06. The firm had revenue of $975.63 million for the quarter, compared to analysts’ expectations of $900.35 million. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. Patrick Industries’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the company earned $1.80 EPS. As a group, analysts forecast that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the completion of the sale, the chief executive officer directly owned 328,641 shares in the company, valued at approximately $36,373,985.88. This trade represents a 7.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kip B. Ellis sold 21,452 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total transaction of $2,359,934.52. Following the sale, the insider owned 125,379 shares of the company’s stock, valued at approximately $13,792,943.79. This represents a 14.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 73,413 shares of company stock valued at $8,112,016. 4.40% of the stock is owned by company insiders.

Institutional Trading of Patrick Industries

Several institutional investors have recently made changes to their positions in the stock. Lisanti Capital Growth LLC acquired a new stake in shares of Patrick Industries during the third quarter worth approximately $3,557,000. AlphaQuest LLC lifted its stake in Patrick Industries by 1,267.3% in the third quarter. AlphaQuest LLC now owns 14,097 shares of the construction company’s stock valued at $1,458,000 after acquiring an additional 13,066 shares during the last quarter. Arizona State Retirement System lifted its stake in Patrick Industries by 1.1% in the third quarter. Arizona State Retirement System now owns 9,387 shares of the construction company’s stock valued at $971,000 after acquiring an additional 98 shares during the last quarter. Truist Financial Corp lifted its stake in Patrick Industries by 133.6% in the third quarter. Truist Financial Corp now owns 16,812 shares of the construction company’s stock valued at $1,739,000 after acquiring an additional 9,616 shares during the last quarter. Finally, James Investment Research Inc. lifted its stake in Patrick Industries by 16.4% in the third quarter. James Investment Research Inc. now owns 18,214 shares of the construction company’s stock valued at $1,884,000 after acquiring an additional 2,560 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.