Truist Financial Increases Patrick Industries (NASDAQ:PATK) Price Target to $120.00

Patrick Industries (NASDAQ:PATK) had its target price upped by Truist Financial from $115.00 to $120.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Truist Financial’s price target points to a potential upside of 28.15% from the stock’s previous close.

A number of other research analysts also recently weighed in on PATK. KeyCorp upped their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Raymond James lifted their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Benchmark raised their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, BMO Capital Markets boosted their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Stock Performance

Shares of PATK stock opened at $93.64 on Monday. The firm has a 50 day moving average of $89.38 and a 200-day moving average of $88.77. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 22.73, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26. The company has a quick ratio of 0.97, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries has a 52 week low of $67.72 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. On average, equities analysts forecast that Patrick Industries will post 5.38 earnings per share for the current year.

Insider Transactions at Patrick Industries

In related news, CEO Andy L. Nemeth sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the chief executive officer now owns 379,678 shares in the company, valued at approximately $34,171,020. This trade represents a 7.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Large investors have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new position in Patrick Industries in the second quarter valued at approximately $620,000. GAMMA Investing LLC raised its stake in shares of Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after buying an additional 205 shares during the period. UMB Bank n.a. grew its stake in shares of Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after acquiring an additional 362 shares during the period. Ritholtz Wealth Management increased its holdings in Patrick Industries by 10.3% in the 3rd quarter. Ritholtz Wealth Management now owns 13,852 shares of the construction company’s stock worth $1,972,000 after acquiring an additional 1,292 shares during the last quarter. Finally, Sound Income Strategies LLC bought a new stake in Patrick Industries in the 3rd quarter valued at about $46,000. Hedge funds and other institutional investors 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.