Truist Financial Issues Pessimistic Forecast for Patrick Industries (NASDAQ:PATK) Stock Price

Patrick Industries (NASDAQ:PATK) had its target price cut by analysts at Truist Financial from $120.00 to $110.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Truist Financial’s price objective suggests a potential upside of 38.05% from the company’s previous close.

PATK has been the topic of a number of other research reports. Raymond James raised their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Baird R W cut Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Benchmark increased their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. KeyCorp upped their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $96.00 price target (down previously from $100.00) on shares of Patrick Industries in a research report on Friday, April 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.04.

Patrick Industries Stock Performance

Shares of NASDAQ PATK opened at $79.68 on Monday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries has a one year low of $67.72 and a one year high of $98.90. The business’s 50-day moving average price is $86.79 and its two-hundred day moving average price is $88.68. The company has a market capitalization of $2.67 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Analysts anticipate that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director M Scott Welch purchased 2,500 shares of the stock in a transaction on Thursday, March 13th. The shares were purchased at an average price of $84.62 per share, with a total value of $211,550.00. Following the acquisition, the director now directly owns 2,961 shares of the company’s stock, valued at $250,559.82. This represents a 542.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently modified their holdings of PATK. Kestra Investment Management LLC acquired a new position in Patrick Industries during the fourth quarter worth $25,000. Covestor Ltd boosted its position in Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock valued at $26,000 after buying an additional 312 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after buying an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after buying an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after acquiring an additional 528 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

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.