Patrick Industries (NASDAQ:PATK) Earns “Buy” Rating from Roth Mkm

Patrick Industries (NASDAQ:PATK)‘s stock had its “buy” rating reaffirmed by analysts at Roth Mkm in a report released on Monday, Benzinga reports. They currently have a $126.00 price target on the construction company’s stock, up from their previous price target of $120.00. Roth Mkm’s target price suggests a potential upside of 10.74% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. Truist Financial reaffirmed a “buy” rating and set a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. BMO Capital Markets upped their target price on Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Friday. Finally, KeyCorp upped their price target on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Patrick Industries has an average rating of “Moderate Buy” and an average target price of $106.71.

Patrick Industries Stock Up 2.4 %

Patrick Industries stock traded up $2.65 during midday trading on Monday, reaching $113.78. The company’s stock had a trading volume of 8,503 shares, compared to its average volume of 168,342. The stock’s 50-day simple moving average is $112.17 and its 200-day simple moving average is $99.53. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.38 and a quick ratio of 0.96. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $123.58. The stock has a market capitalization of $2.55 billion, a P/E ratio of 16.85 and a beta of 1.73.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.47. The firm had revenue of $933.50 million during the quarter, compared to analysts’ expectations of $829.22 million. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the business posted $1.35 earnings per share. On average, sell-side analysts expect that Patrick Industries will post 8.05 EPS for the current year.

Insider Buying and Selling

In other Patrick Industries news, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the completion of the sale, the chief executive officer now owns 289,619 shares of the company’s stock, valued at $33,306,185. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Patrick Industries news, CEO Andy L. Nemeth sold 10,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 289,619 shares of the company’s stock, valued at approximately $33,306,185. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the transaction, the director now owns 8,553 shares of the company’s stock, valued at $948,271.11. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,873 shares of company stock valued at $5,681,957. 4.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. grew its stake in Patrick Industries by 39.7% during the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after buying an additional 297,381 shares during the last quarter. Norges Bank bought a new position in Patrick Industries during the 4th quarter worth $14,782,000. Peregrine Capital Management LLC bought a new position in Patrick Industries during the 1st quarter worth $8,546,000. Dimensional Fund Advisors LP grew its stake in Patrick Industries by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock worth $144,828,000 after buying an additional 21,735 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC grew its stake in Patrick Industries by 103.4% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 42,470 shares of the construction company’s stock worth $3,188,000 after buying an additional 21,585 shares during the last quarter. 93.29% of the stock is owned by 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.