KeyCorp Increases Patrick Industries (NASDAQ:PATK) Price Target to $150.00

Patrick Industries (NASDAQ:PATK) had its price target lifted by stock analysts at KeyCorp from $135.00 to $150.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. KeyCorp’s price target points to a potential upside of 10.93% from the company’s current price.

PATK has been the topic of several other reports. Raymond James assumed coverage on Patrick Industries in a research report on Tuesday, October 1st. They set an “outperform” rating and a $160.00 price objective on the stock. DA Davidson lifted their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. BMO Capital Markets raised their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Benchmark restated a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a report on Tuesday, September 17th. Finally, Truist Financial increased their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $140.38.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $135.22 on Wednesday. The company has a market cap of $3.03 billion, a PE ratio of 19.40, a P/E/G ratio of 1.18 and a beta of 1.61. The business has a 50 day moving average of $136.34 and a 200 day moving average of $120.87. Patrick Industries has a 52 week low of $70.15 and a 52 week high of $148.35. 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 quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, topping the consensus estimate of $2.05 by $0.11. The business had revenue of $1.02 billion during 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 revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.94 EPS. As a group, equities research analysts forecast that Patrick Industries will post 7.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the 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 sale, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the transaction, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,411 shares of company stock valued at $3,858,915. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sound Income Strategies LLC bought a new stake in Patrick Industries in the 3rd quarter worth approximately $46,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Patrick Industries in the 2nd quarter worth $41,000. GAMMA Investing LLC grew its holdings in shares of Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after acquiring an additional 205 shares during the period. UMB Bank n.a. increased its position in Patrick Industries by 176.6% during the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after acquiring an additional 362 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in Patrick Industries in the third quarter valued at about $157,000. 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.