KeyCorp Cuts Patrick Industries (NASDAQ:PATK) Price Target to $115.00

Patrick Industries (NASDAQ:PATK) had its price target lowered by KeyCorp from $125.00 to $115.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the construction company’s stock.

Several other equities research analysts also recently weighed in on the stock. Roth Capital set a $128.00 target price on shares of Patrick Industries in a research report on Tuesday, May 5th. Raymond James Financial set a $108.00 price target on shares of Patrick Industries in a research report on Friday, May 1st. Benchmark decreased their price target on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Robert W. Baird set a $110.00 price objective on Patrick Industries in a research note on Friday, May 1st. Finally, Truist Financial cut their price objective on Patrick Industries from $126.00 to $113.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $119.75.

Patrick Industries Stock Down 1.1%

PATK stock opened at $84.50 on Wednesday. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The firm has a 50 day simple moving average of $87.76 and a 200-day simple moving average of $106.81. The company has a market capitalization of $2.78 billion, a P/E ratio of 21.67 and a beta of 1.11. Patrick Industries has a twelve month low of $81.29 and a twelve month high of $148.50.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The firm had revenue of $997.17 million for the quarter, compared to analysts’ expectations of $989.06 million. During the same period in the prior year, the company posted $1.11 earnings per share. The firm’s quarterly revenue was down .6% on a year-over-year basis. On average, equities research analysts predict that Patrick Industries will post 4.63 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s dividend payout ratio is 48.21%.

Insider Buying and Selling

In other Patrick Industries news, insider Charles R. Roeder purchased 5,750 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was acquired at an average cost of $87.83 per share, with a total value of $505,022.50. Following the acquisition, the insider owned 42,147 shares of the company’s stock, valued at approximately $3,701,771.01. This represents a 15.80% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jacob R. Petkovich acquired 1,300 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $95.57 per share, with a total value of $124,241.00. Following the transaction, the insider owned 46,290 shares in the company, valued at approximately $4,423,935.30. The trade was a 2.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 28,700 shares of company stock worth $2,532,880. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised its position in shares of Patrick Industries by 19.9% during the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock worth $240,401,000 after purchasing an additional 367,802 shares during the period. SG Americas Securities LLC boosted its position in Patrick Industries by 12,134.2% during the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after purchasing an additional 257,245 shares during the period. Capital Research Global Investors grew its stake in Patrick Industries by 24.4% during the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after buying an additional 223,014 shares during the last quarter. Bessemer Group Inc. grew its stake in Patrick Industries by 3,602.4% during the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock worth $16,255,000 after buying an additional 145,863 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Patrick Industries by 17.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock worth $81,205,000 after buying an additional 112,766 shares during the period. 93.29% of the stock is owned by institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.