Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $105.86

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

A number of analysts have issued reports on PATK shares. BMO Capital Markets lifted their price target on shares of Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Truist Financial reiterated a “buy” rating and set a $130.00 target price on shares of Patrick Industries in a research report on Friday, April 12th. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. KeyCorp increased their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Finally, Roth Mkm reiterated a “buy” rating and issued a $126.00 target price (up previously from $120.00) on shares of Patrick Industries in a report on Monday.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the transaction, the insider now directly owns 108,778 shares in the company, valued at approximately $12,509,470. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Kip B. Ellis sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the transaction, the insider now owns 108,778 shares of the company’s stock, valued at $12,509,470. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the transaction, the director now directly owns 8,553 shares of the company’s stock, valued at $948,271.11. The disclosure for this sale can be found here. Insiders sold a total of 48,873 shares of company stock valued at $5,681,957 in the last three months. Company insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC purchased a new stake in shares of Patrick Industries in the fourth quarter worth about $35,000. Carmel Capital Partners LLC purchased a new position in Patrick Industries during the third quarter worth about $44,000. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Patrick Industries by 21.6% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock worth $102,000 after acquiring an additional 238 shares in the last quarter. Xponance Inc. purchased a new position in shares of Patrick Industries in the fourth quarter valued at approximately $203,000. Finally, Heritage Wealth Management LLC acquired a new position in shares of Patrick Industries in the fourth quarter worth $238,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Price Performance

NASDAQ PATK opened at $114.14 on Friday. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 16.91 and a beta of 1.73. Patrick Industries has a 12 month low of $63.57 and a 12 month high of $123.58. The company’s 50 day moving average is $112.09 and its two-hundred day moving average is $100.09. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $829.22 million. During the same period last year, the firm earned $1.35 earnings per share. The business’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, research analysts anticipate that Patrick Industries will post 8.05 earnings per share for the current 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.