Raymond James Has Lowered Expectations for Patrick Industries (NASDAQ:PATK) Stock Price

Patrick Industries (NASDAQ:PATK) had its target price dropped by equities research analysts at Raymond James from $160.00 to $136.00 in a report issued on Friday, Benzinga reports. The firm presently has an “outperform” rating on the construction company’s stock. Raymond James’ price target suggests a potential upside of 17.79% from the stock’s previous close.

PATK has been the subject of several other reports. DA Davidson raised their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Benchmark reiterated a “buy” rating and set a $145.00 price objective on shares of Patrick Industries in a research report on Tuesday, September 17th. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday. Robert W. Baird raised their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, KeyCorp upped their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Patrick Industries has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Patrick Industries Price Performance

PATK traded down $10.52 during trading on Friday, hitting $115.46. The company’s stock had a trading volume of 607,169 shares, compared to its average volume of 179,400. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 1.26 and a beta of 1.61. The firm’s 50 day moving average price is $137.01 and its two-hundred day moving average price is $121.62. Patrick Industries has a 12 month low of $75.01 and a 12 month high of $148.35.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). The company had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.81 EPS. Sell-side analysts forecast that Patrick Industries will post 7.21 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,411 shares of company stock valued at $3,858,915. Insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. increased its stake in Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after buying an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Patrick Industries by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after buying an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in Patrick Industries during the second quarter valued at about $22,460,000. Tributary Capital Management LLC grew its position in Patrick Industries by 0.3% during the second quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock valued at $22,338,000 after buying an additional 613 shares during the period. Finally, Fiera Capital Corp bought a new stake in Patrick Industries in the third quarter worth about $27,888,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.