KeyCorp Has Lowered Expectations for Patrick Industries (NASDAQ:PATK) Stock Price

Patrick Industries (NASDAQ:PATK) had its price target cut by equities research analysts at KeyCorp from $115.00 to $100.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the construction company’s stock. KeyCorp’s price target suggests a potential upside of 54.21% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, September 29th. Truist Financial set a $108.00 target price on Patrick Industries and gave the stock a “buy” rating in a research report on Monday, August 10th. Roth Capital set a $114.00 price target on Patrick Industries in a report on Friday, July 31st. Raymond James Financial reaffirmed an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. Finally, Benchmark restated a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus target price of $112.33.

Patrick Industries Trading Down 0.1%

Patrick Industries stock traded down $0.07 during trading hours on Thursday, reaching $64.85. The company had a trading volume of 20,802 shares, compared to its average volume of 510,109. Patrick Industries has a 12-month low of $64.30 and a 12-month high of $148.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. The company has a 50-day moving average price of $78.25 and a 200 day moving average price of $88.89. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 15.36 and a beta of 1.16.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.50 earnings per share. Equities analysts forecast that Patrick Industries will post 4.24 earnings per share for the current year.

Institutional Trading of Patrick Industries

Large investors have recently made changes to their positions in the stock. Persistent Asset Partners Ltd bought a new stake in Patrick Industries during the second quarter valued at about $25,000. Integrated Wealth Concepts LLC acquired a new position in Patrick Industries during the second quarter worth about $34,000. State of Wyoming purchased a new stake in shares of Patrick Industries in the 2nd quarter valued at approximately $52,000. Public Employees Retirement System of Ohio acquired a new position in Patrick Industries during the second quarter worth $74,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Patrick Industries in the second quarter valued at approximately $75,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty products.