Patrick Industries (NASDAQ:PATK) PT Raised to $165.00 at Truist Financial

Patrick Industries (NASDAQ:PATK) had its target price hoisted by investment analysts at Truist Financial from $150.00 to $165.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Truist Financial’s price target suggests a potential upside of 12.31% from the company’s previous close.

PATK has been the subject of a number of other reports. Robert W. Baird lifted their target price on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. DA Davidson upped their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. KeyCorp raised their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. BMO Capital Markets boosted their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Benchmark reiterated a “buy” rating and set a $145.00 price objective on shares of Patrick Industries in a research note on Tuesday. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $135.43.

Patrick Industries Trading Up 0.3 %

PATK stock traded up $0.49 during trading on Friday, hitting $146.91. The company had a trading volume of 94,942 shares, compared to its average volume of 176,344. Patrick Industries has a 52-week low of $70.15 and a 52-week high of $147.80. The company has a 50 day simple moving average of $126.31 and a 200-day simple moving average of $116.13. The firm has a market capitalization of $3.29 billion, a P/E ratio of 21.76, a PEG ratio of 1.05 and a beta of 1.62. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $1.94 earnings per share. As a group, research analysts forecast that Patrick Industries will post 7.32 earnings per share for the current fiscal year.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was 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 $18,274,749.33. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now owns 82,374 shares in the company, valued at approximately $10,795,112.70. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock valued at $3,858,915 over the last 90 days. Insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Several large investors have recently bought and sold shares of PATK. Xponance Inc. raised its holdings in shares of Patrick Industries by 4.1% in the second quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after buying an additional 83 shares during the last quarter. US Bancorp DE lifted its position in Patrick Industries by 1.3% during the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock worth $770,000 after acquiring an additional 95 shares during the period. FORA Capital LLC grew its stake in Patrick Industries by 2.9% during the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after purchasing an additional 128 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of Patrick Industries by 1.5% in the second quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after purchasing an additional 135 shares during the period. Finally, BOKF NA raised its stake in shares of Patrick Industries by 3.7% in the second quarter. BOKF NA now owns 4,848 shares of the construction company’s stock worth $526,000 after purchasing an additional 172 shares during the last quarter. Hedge funds and other 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.