Patrick Industries (PATK) PT Raised to $60.00 at KeyCorp
Patrick Industries (NASDAQ:PATK) had its price objective boosted by analysts at KeyCorp from $55.00 to $60.00 in a note issued to investors on Monday, The Fly reports. The firm currently has an “overweight” rating on the construction company’s stock. KeyCorp’s price objective indicates a potential upside of 15.27% from the company’s current price.
PATK has been the topic of a number of other reports. BidaskClub lowered shares of Patrick Industries from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. Bank of America initiated coverage on shares of Patrick Industries in a research note on Tuesday, March 26th. They set a “buy” rating and a $53.00 price target for the company. Wells Fargo & Co boosted their price target on shares of Patrick Industries from $30.00 to $49.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 27th. TheStreet raised shares of Patrick Industries from a “c+” rating to a “b-” rating in a research note on Monday, March 18th. Finally, Zacks Investment Research raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $58.60.
Shares of PATK stock opened at $52.05 on Monday. Patrick Industries has a 1 year low of $27.32 and a 1 year high of $67.50. The company has a market cap of $1.24 billion, a PE ratio of 11.19, a P/E/G ratio of 0.92 and a beta of 1.91. The company has a current ratio of 2.44, a quick ratio of 0.71 and a debt-to-equity ratio of 1.52.
In related news, Director Walter E. Wells sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $45.34, for a total transaction of $45,340.00. Following the completion of the sale, the director now directly owns 60,030 shares of the company’s stock, valued at $2,721,760.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 5.60% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in Patrick Industries in the fourth quarter valued at approximately $7,140,000. Deutsche Bank AG increased its stake in Patrick Industries by 112.7% in the fourth quarter. Deutsche Bank AG now owns 431,100 shares of the construction company’s stock valued at $12,763,000 after purchasing an additional 228,424 shares in the last quarter. LSV Asset Management bought a new stake in Patrick Industries in the fourth quarter valued at approximately $3,543,000. QS Investors LLC increased its stake in Patrick Industries by 171.5% in the fourth quarter. QS Investors LLC now owns 132,412 shares of the construction company’s stock valued at $3,921,000 after purchasing an additional 83,644 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Patrick Industries by 2.5% in the third quarter. BlackRock Inc. now owns 3,350,263 shares of the construction company’s stock valued at $198,335,000 after purchasing an additional 82,322 shares in the last quarter. 89.51% of the stock is owned by institutional investors and hedge funds.
Patrick Industries Company Profile
Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.
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