Patrick Industries (NASDAQ:PATK) Earns “Buy” Rating from Roth Mkm

Roth Mkm reissued their buy rating on shares of Patrick Industries (NASDAQ:PATK) in a report released on Monday, Benzinga reports. Roth Mkm currently has a $126.00 price target on the construction company’s stock, up from their prior price target of $120.00.

A number of other equities research analysts have also weighed in on PATK. BMO Capital Markets boosted their target price on Patrick Industries from $120.00 to $125.00 and gave the company an outperform rating in a research note on Friday, May 3rd. KeyCorp increased their price objective on Patrick Industries from $110.00 to $115.00 and gave the company an overweight rating in a research note on Friday, February 9th. Truist Financial reaffirmed a buy rating and issued a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. Finally, StockNews.com lowered shares of Patrick Industries from a buy rating to a hold rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $106.71.

Patrick Industries Stock Up 0.4 %

Shares of NASDAQ PATK opened at $114.55 on Monday. The stock has a market capitalization of $2.57 billion, a P/E ratio of 16.97 and a beta of 1.73. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.38 and a quick ratio of 0.96. Patrick Industries has a one year low of $63.57 and a one year high of $123.58. The firm’s 50 day simple moving average is $112.03 and its two-hundred day simple moving average is $100.19.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. ProShare Advisors LLC increased its stake in shares of Patrick Industries by 6.5% during the first quarter. ProShare Advisors LLC now owns 4,254 shares of the construction company’s stock valued at $508,000 after purchasing an additional 258 shares in the last quarter. Avantax Advisory Services Inc. bought a new position in Patrick Industries during the 1st quarter valued at approximately $326,000. Russell Investments Group Ltd. raised its stake in Patrick Industries by 21.1% during the first quarter. Russell Investments Group Ltd. now owns 14,302 shares of the construction company’s stock valued at $1,709,000 after buying an additional 2,492 shares during the last quarter. Inspire Investing LLC boosted its holdings in Patrick Industries by 48.9% in the first quarter. Inspire Investing LLC now owns 6,547 shares of the construction company’s stock worth $782,000 after acquiring an additional 2,150 shares in the last quarter. Finally, Inspire Advisors LLC grew its stake in shares of Patrick Industries by 412.1% in the first quarter. Inspire Advisors LLC now owns 13,679 shares of the construction company’s stock worth $1,634,000 after acquiring an additional 11,008 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.