Patrick Industries (NASDAQ:PATK) PT Raised to $125.00 at BMO Capital Markets

Patrick Industries (NASDAQ:PATK) had its target price boosted by BMO Capital Markets from $120.00 to $125.00 in a report published on Friday morning, Benzinga reports. They currently have an outperform rating on the construction company’s stock.

PATK has been the subject of a number of other reports. Roth Mkm boosted their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a buy rating in a research note on Friday, February 9th. StockNews.com downgraded shares of Patrick Industries from a buy rating to a hold rating in a research note on Thursday, March 21st. Truist Financial reaffirmed a buy rating and issued a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. Finally, KeyCorp boosted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an overweight rating in a research note on Friday, February 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Patrick Industries currently has a consensus rating of Moderate Buy and a consensus price target of $106.71.

Patrick Industries Price Performance

NASDAQ:PATK opened at $113.18 on Friday. The firm has a market cap of $2.54 billion, a PE ratio of 16.77 and a beta of 1.73. Patrick Industries has a 12 month low of $63.57 and a 12 month high of $123.58. The company has a quick ratio of 0.96, a current ratio of 2.38 and a debt-to-equity ratio of 1.32. The company’s 50-day moving average price is $112.14 and its two-hundred day moving average price is $99.81.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The firm had revenue of $933.50 million for the quarter, compared to analyst estimates of $829.22 million. During the same period in the previous year, the business earned $1.35 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities analysts anticipate that Patrick Industries will post 8.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the sale, the director now owns 8,553 shares of the company’s stock, valued at $948,271.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the sale, the director now owns 8,553 shares of the company’s stock, valued at $948,271.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kip B. Ellis sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the completion of the sale, the insider now directly owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The disclosure for this sale can be found here. Insiders sold a total of 48,873 shares of company stock valued at $5,681,957 over the last ninety days. Insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in Patrick Industries by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock valued at $144,828,000 after purchasing an additional 21,735 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Patrick Industries by 39.7% in the fourth quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock valued at $104,972,000 after buying an additional 297,381 shares during the period. Invesco Ltd. boosted its holdings in shares of Patrick Industries by 7.0% in the third quarter. Invesco Ltd. now owns 277,265 shares of the construction company’s stock valued at $20,812,000 after buying an additional 18,256 shares during the period. Norges Bank acquired a new position in shares of Patrick Industries in the fourth quarter valued at approximately $14,782,000. Finally, Anchor Capital Management Company LLC boosted its holdings in shares of Patrick Industries by 19.3% in the first quarter. Anchor Capital Management Company LLC now owns 123,809 shares of the construction company’s stock valued at $14,791,000 after buying an additional 20,000 shares during the period. Institutional investors own 93.29% of the company’s stock.

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.