Patrick Industries (NASDAQ:PATK) Price Target Raised to $103.00 at Raymond James

Patrick Industries (NASDAQ:PATK) had its price target boosted by equities research analysts at Raymond James from $99.00 to $103.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the construction company’s stock. Raymond James’ price objective would indicate a potential upside of 8.31% from the company’s previous close.

PATK has been the topic of a number of other reports. Truist Financial decreased their price target on Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Benchmark reissued a “buy” rating and set a $96.67 target price on shares of Patrick Industries in a research note on Monday, November 4th. KeyCorp boosted their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday. BMO Capital Markets boosted their target price on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $95.42.

Patrick Industries Price Performance

PATK stock traded up $0.09 during mid-day trading on Friday, reaching $95.10. 106,028 shares of the company traded hands, compared to its average volume of 371,630. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The company has a market capitalization of $3.20 billion, a P/E ratio of 20.49, a P/E/G ratio of 1.46 and a beta of 2.26. Patrick Industries has a 52-week low of $67.10 and a 52-week high of $98.90. The company has a fifty day moving average price of $89.13 and a 200-day moving average price of $88.42.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. As a group, analysts anticipate that Patrick Industries will post 4.28 earnings per share for the current year.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the chief executive officer now directly owns 379,678 shares of the company’s stock, valued at approximately $34,171,020. This trade represents a 7.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

Institutional investors and hedge funds have recently modified their holdings of the business. Kestra Investment Management LLC purchased a new position in Patrick Industries during the 4th quarter worth $25,000. Northwestern Mutual Wealth Management Co. purchased a new position in Patrick Industries during the 2nd quarter worth $41,000. Sound Income Strategies LLC purchased a new position in Patrick Industries during the 3rd quarter worth $46,000. Smartleaf Asset Management LLC increased its holdings in shares of Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after acquiring an additional 528 shares during the period. Finally, Quent Capital LLC purchased a new position in shares of Patrick Industries in the 4th quarter valued at $53,000. 93.29% of the stock is owned by institutional investors.

About Patrick Industries

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.