Roth Mkm Reiterates “Buy” Rating for Patrick Industries (NASDAQ:PATK)

Patrick Industries (NASDAQ:PATK)‘s stock had its “buy” rating restated by stock analysts at Roth Mkm in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $126.00 price target on the construction company’s stock, up from their previous price target of $120.00. Roth Mkm’s price objective suggests a potential upside of 10.39% from the company’s previous close.

A number of other research firms also recently weighed in on PATK. KeyCorp boosted their target price on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. BMO Capital Markets boosted their target price on Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Finally, Truist Financial reaffirmed a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a research note on Friday, April 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Patrick Industries has an average rating of “Moderate Buy” and an average target price of $106.71.

Patrick Industries Trading Up 0.8 %

Shares of PATK opened at $114.14 on Monday. The stock has a fifty day moving average price of $112.09 and a two-hundred day moving average price of $100.09. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.96 and a current ratio of 2.38. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $123.58. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 16.91 and a beta of 1.73.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. The company had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.35 earnings per share. Analysts predict that Patrick Industries will post 8.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kip B. Ellis sold 7,462 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the transaction, the insider now directly owns 101,316 shares of the company’s stock, valued at $12,359,538.84. 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 over the last three months. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PATK. Pacer Advisors Inc. boosted its position in shares of Patrick Industries by 39.7% during the fourth quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after buying an additional 297,381 shares during the period. Norges Bank acquired a new position in shares of Patrick Industries during the fourth quarter worth about $14,782,000. Peregrine Capital Management LLC acquired a new position in shares of Patrick Industries during the first quarter worth about $8,546,000. Dimensional Fund Advisors LP boosted its position in shares of Patrick Industries by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock worth $144,828,000 after buying an additional 21,735 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of Patrick Industries by 103.4% during the third quarter. O Shaughnessy Asset Management LLC now owns 42,470 shares of the construction company’s stock worth $3,188,000 after buying an additional 21,585 shares during the period. 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.