Patrick Industries (NASDAQ:PATK) Given New $105.00 Price Target at Truist Financial

Patrick Industries (NASDAQ:PATK) had its price target decreased by stock analysts at Truist Financial from $110.00 to $105.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Truist Financial’s price target indicates a potential upside of 26.69% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. BMO Capital Markets boosted their price target on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Raymond James lowered their price target 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. Benchmark reissued a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research report on Monday, November 4th. StockNews.com raised Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, January 1st. Finally, KeyCorp increased their price objective on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.63.

Patrick Industries Stock Down 1.3 %

Shares of NASDAQ:PATK traded down $1.05 during midday trading on Tuesday, hitting $82.88. 35,253 shares of the stock were exchanged, compared to its average volume of 188,620. The business’s fifty day simple moving average is $86.66 and its two-hundred day simple moving average is $85.75. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. Patrick Industries has a 52-week low of $60.67 and a 52-week high of $98.90. The company has a market capitalization of $2.78 billion, a PE ratio of 11.91, a P/E/G ratio of 1.69 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). The business had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. Patrick Industries’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.21 earnings per share. As a group, research analysts predict that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Andy L. Nemeth sold 30,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total value of $2,700,000.00. Following the sale, the chief executive officer now owns 379,678 shares of the company’s stock, valued at $34,171,020. The trade was a 7.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently added to or reduced their stakes in the stock. Sound Income Strategies LLC bought a new stake in shares of Patrick Industries in the 3rd quarter valued at about $46,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Patrick Industries in the second quarter worth $41,000. GAMMA Investing LLC boosted its position in shares of Patrick Industries by 76.2% during the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after purchasing an additional 205 shares in the last quarter. UMB Bank n.a. increased its position in shares of Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after buying an additional 362 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after buying an additional 139 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.