BMO Capital Markets Issues Positive Forecast for Patrick Industries (NASDAQ:PATK) Stock Price

Patrick Industries (NASDAQ:PATK) had its target price increased by equities research analysts at BMO Capital Markets from $150.00 to $155.00 in a report released on Friday, Benzinga reports. The firm presently has an “outperform” rating on the construction company’s stock. BMO Capital Markets’ target price indicates a potential upside of 33.89% from the stock’s current price.

A number of other equities analysts have also recently weighed in on PATK. Robert W. Baird upped their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Truist Financial raised their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. DA Davidson boosted their price objective on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Benchmark restated a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research report on Tuesday, September 17th. Finally, KeyCorp boosted 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. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $139.88.

Patrick Industries Price Performance

NASDAQ:PATK opened at $115.77 on Friday. The company has a quick ratio of 0.94, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries has a 52 week low of $75.01 and a 52 week high of $148.35. The stock’s 50-day moving average price is $136.64 and its 200-day moving average price is $121.72. The stock has a market capitalization of $2.59 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 1.19 and a beta of 1.62.

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

Insider Buying and Selling

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal 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 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 completion of the transaction, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $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 worth $3,858,915. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of PATK. Xponance Inc. boosted its position in 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 during the period. Trust Point Inc. raised its stake in shares of Patrick Industries by 1.1% in the third quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock valued at $1,276,000 after acquiring an additional 96 shares in the last quarter. FORA Capital LLC boosted its holdings in Patrick Industries by 2.9% in the first 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 period. SummerHaven Investment Management LLC grew its stake in Patrick Industries by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock worth $977,000 after purchasing an additional 135 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in Patrick Industries by 2.1% during the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after purchasing an additional 136 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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.