Benchmark Reaffirms Buy Rating for Patrick Industries (NASDAQ:PATK)

Patrick Industries (NASDAQ:PATK)‘s stock had its “buy” rating restated by Benchmark in a report issued on Tuesday, Benzinga reports. They presently have a $145.00 target price on the construction company’s stock. Benchmark’s target price suggests a potential upside of 3.20% from the stock’s current price.

Several other brokerages also recently weighed in on PATK. KeyCorp increased their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Robert W. Baird increased their target price 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. BMO Capital Markets increased their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. DA Davidson raised their price target 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. Finally, Truist Financial raised their price target on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Two research 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, Patrick Industries has an average rating of “Moderate Buy” and an average price target of $133.29.

Patrick Industries Price Performance

PATK stock opened at $140.51 on Tuesday. Patrick Industries has a 52 week low of $70.15 and a 52 week high of $146.47. The firm has a market capitalization of $3.15 billion, a P/E ratio of 20.70, a price-to-earnings-growth 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. The company has a fifty day simple moving average of $125.00 and a two-hundred day simple moving average of $115.75.

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

Insider Buying and Selling at Patrick Industries

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 shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the firm’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 directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,411 shares of company stock valued at $3,858,915. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Xponance Inc. boosted its holdings in shares of Patrick Industries by 4.1% in the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after buying an additional 83 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Patrick Industries by 1.3% in the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after buying an additional 95 shares in the last quarter. FORA Capital LLC boosted its holdings in shares of Patrick Industries by 2.9% in the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after buying an additional 128 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in shares of Patrick Industries by 1.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after buying an additional 135 shares in the last quarter. Finally, BOKF NA boosted its holdings in shares of Patrick Industries by 3.7% in the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock valued at $526,000 after buying an additional 172 shares in 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.