Raymond James Lowers Patrick Industries (NASDAQ:PATK) Price Target to $136.00

Patrick Industries (NASDAQ:PATK) had its price objective decreased by equities researchers at Raymond James from $160.00 to $136.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the construction company’s stock. Raymond James’ target price indicates a potential upside of 17.47% from the company’s current price.

Several other research analysts have also commented on PATK. KeyCorp lifted their price target on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Benchmark reissued a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a research report on Tuesday, September 17th. BMO Capital Markets raised their price target on Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday. Truist Financial boosted their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, DA Davidson raised their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $115.77 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.94. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 1.19 and a beta of 1.62. Patrick Industries has a 1 year low of $75.01 and a 1 year high of $148.35. The stock’s 50 day simple moving average is $136.64 and its two-hundred day simple moving average is $121.72.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. During the same period in the previous year, the company earned $1.81 EPS. Patrick Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, equities analysts anticipate that Patrick Industries will post 7.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 in the last three months. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. boosted its position in Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after purchasing an additional 221,904 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Patrick Industries by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after buying an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in shares of Patrick Industries during the 2nd quarter worth approximately $22,460,000. Tributary Capital Management LLC boosted its stake in Patrick Industries by 0.3% in the second quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock valued at $22,338,000 after acquiring an additional 613 shares in the last quarter. Finally, Fiera Capital Corp purchased a new position in Patrick Industries in the third quarter worth $27,888,000. Institutional investors 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.