Patrick Industries, Inc. (NASDAQ:PATK) Receives $105.86 Average Price Target from Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned an average recommendation of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $106.71.

A number of brokerages have recently commented on PATK. Truist Financial reiterated a “buy” rating and issued a $130.00 price target on shares of Patrick Industries in a research note on Friday, April 12th. Roth Mkm reaffirmed a “buy” rating and issued a $126.00 price objective (up previously from $120.00) on shares of Patrick Industries in a report on Monday. BMO Capital Markets raised their target price on Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. KeyCorp increased 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, February 9th. Finally, StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st.

Insider Activity at Patrick Industries

In related news, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the sale, the director now directly owns 8,553 shares in the company, valued at $948,271.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the sale, the director now directly owns 8,553 shares in the company, valued at approximately $948,271.11. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $115.00, for a total value of $1,150,000.00. Following the sale, the chief executive officer now directly owns 289,619 shares in the company, valued at $33,306,185. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,873 shares of company stock valued at $5,681,957. 4.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

A number of large investors have recently made changes to their positions in the company. Illinois Municipal Retirement Fund grew its stake in shares of Patrick Industries by 7.4% during the first quarter. Illinois Municipal Retirement Fund now owns 12,684 shares of the construction company’s stock valued at $1,515,000 after buying an additional 869 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Patrick Industries by 17.1% during the first quarter. Empowered Funds LLC now owns 86,396 shares of the construction company’s stock valued at $10,322,000 after acquiring an additional 12,634 shares in the last quarter. Texas Permanent School Fund Corp increased its holdings in Patrick Industries by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 18,209 shares of the construction company’s stock worth $2,175,000 after purchasing an additional 236 shares during the period. FORA Capital LLC lifted its holdings in shares of Patrick Industries by 2.9% in the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock worth $537,000 after buying an additional 128 shares during the period. Finally, Capstone Investment Advisors LLC raised its holdings in shares of Patrick Industries by 29.4% in the first quarter. Capstone Investment Advisors LLC now owns 2,849 shares of the construction company’s stock valued at $340,000 after acquiring an additional 647 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Trading Up 0.8 %

Shares of NASDAQ PATK opened at $114.14 on Friday. The company has a market cap of $2.56 billion, a PE ratio of 16.91 and a beta of 1.73. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.96 and a current ratio of 2.38. The firm’s 50 day moving average price is $112.09 and its 200-day moving average price is $100.09. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $123.58.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The business had revenue of $933.50 million during the quarter, compared to analyst estimates of $829.22 million. During the same quarter last year, the company earned $1.35 EPS. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. On average, equities research analysts expect that Patrick Industries will post 8.05 EPS for the current fiscal year.

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.