Patrick Industries (NASDAQ:PATK) Given New $102.00 Price Target at Benchmark

Patrick Industries (NASDAQ:PATK) had its price target hoisted by stock analysts at Benchmark from $98.00 to $102.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Benchmark’s price objective would suggest a potential upside of 7.46% from the company’s current price.

A number of other analysts also recently commented on PATK. Truist Financial decreased their price objective on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. BMO Capital Markets upped their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. KeyCorp upped their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday. Finally, Raymond James upped 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and an average target price of $96.08.

Patrick Industries Stock Performance

NASDAQ PATK traded down $0.09 during trading on Friday, reaching $94.92. The company’s stock had a trading volume of 159,294 shares, compared to its average volume of 373,665. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of 20.45, a P/E/G ratio of 1.46 and a beta of 2.26. Patrick Industries has a twelve month low of $67.10 and a twelve month high of $98.90. The business’s fifty day moving average price is $89.13 and its 200-day moving average price is $88.42.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. As a group, analysts anticipate that Patrick Industries will post 4.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Patrick Industries news, CEO Andy L. Nemeth sold 30,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the transaction, the chief executive officer now owns 379,678 shares in the company, valued at $34,171,020. The trade was a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. raised its stake in Patrick Industries by 1,589.0% during the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after buying an additional 6,197 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Patrick Industries by 35.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after buying an additional 25,556 shares in the last quarter. Fiera Capital Corp acquired a new stake in Patrick Industries during the third quarter valued at approximately $27,888,000. Argent Capital Management LLC raised its stake in Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after buying an additional 133,413 shares in the last quarter. Finally, Copeland Capital Management LLC acquired a new stake in Patrick Industries during the third quarter valued at approximately $8,070,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.