Patrick Industries (NASDAQ:PATK) Coverage Initiated by Analysts at Raymond James

Research analysts at Raymond James initiated coverage on shares of Patrick Industries (NASDAQ:PATK) in a research report issued to clients and investors on Tuesday, Briefing.com reports. The firm set an “outperform” rating and a $160.00 price target on the construction company’s stock. Raymond James’ target price points to a potential upside of 12.38% from the company’s previous close.

A number of other equities research analysts have also recently commented on PATK. BMO Capital Markets raised their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Truist Financial boosted their target price on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Benchmark reissued a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a research note on Tuesday, September 17th. DA Davidson increased their target price on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Finally, Robert W. Baird boosted their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $138.50.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $142.37 on Tuesday. The company has a market cap of $3.19 billion, a P/E ratio of 21.09, a PEG ratio of 1.15 and a beta of 1.62. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average price of $129.48 and a two-hundred day moving average price of $117.62. Patrick Industries has a 1-year low of $70.15 and a 1-year high of $147.80.

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

Insider Buying and Selling at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred on 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 directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock worth $3,858,915 in the last quarter. 4.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. raised its stake in Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after acquiring an additional 221,904 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in 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 period. Massachusetts Financial Services Co. MA purchased a new position in Patrick Industries in the 2nd quarter valued at approximately $22,460,000. Tributary Capital Management LLC raised its holdings in Patrick Industries by 0.3% during the 2nd 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 during the period. Finally, Norges Bank bought a new position in shares of Patrick Industries in the fourth quarter worth $14,782,000. 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.