Truist Financial Lowers Patrick Industries (NASDAQ:PATK) Price Target to $110.00

Patrick Industries (NASDAQ:PATK) had its target price dropped by equities researchers at Truist Financial from $120.00 to $110.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Truist Financial’s price target would suggest a potential upside of 39.44% from the company’s current price.

Several other research firms also recently weighed in on PATK. Benchmark boosted their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. Robert W. Baird reissued a “neutral” rating and issued a $96.00 price objective (down from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. Baird R W downgraded shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Finally, Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $98.04.

Patrick Industries Stock Down 1.9 %

Shares of NASDAQ PATK opened at $78.89 on Monday. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. Patrick Industries has a 52-week low of $67.72 and a 52-week high of $98.90. The company’s 50-day simple moving average is $87.43 and its 200-day simple moving average is $88.84. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating 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%. Equities analysts predict that Patrick Industries will post 5.33 EPS for the current fiscal year.

Insider Transactions at Patrick Industries

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

Institutional Investors Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Kestra Investment Management LLC bought a new stake in Patrick Industries in the fourth quarter valued at about $25,000. Covestor Ltd boosted its holdings in Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of 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 purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after buying an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC raised its stake in Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after acquiring an additional 528 shares during the period. 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.