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

Patrick Industries (NASDAQ:PATK) had its price objective cut by investment analysts at KeyCorp from $125.00 to $115.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the construction company’s stock. KeyCorp’s price target suggests a potential upside of 34.58% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Roth Capital set a $128.00 target price on shares of Patrick Industries in a report on Tuesday, May 5th. Wall Street Zen downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Finally, Benchmark cut their target price on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Six research 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 an average target price of $119.75.

Patrick Industries Stock Performance

Shares of NASDAQ PATK opened at $85.45 on Wednesday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. The stock has a 50 day moving average price of $87.89 and a 200 day moving average price of $106.97. The stock has a market capitalization of $2.81 billion, a PE ratio of 21.91 and a beta of 1.11. Patrick Industries has a 52 week low of $81.29 and a 52 week 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 for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The firm had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. During the same quarter in the previous year, the firm earned $1.11 EPS. The business’s quarterly revenue was down .6% on a year-over-year basis. Analysts predict that Patrick Industries will post 4.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Charles R. Roeder acquired 5,750 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were bought at an average cost of $87.83 per share, with a total value of $505,022.50. Following the completion of the transaction, the insider directly owned 42,147 shares of the company’s stock, valued at $3,701,771.01. This trade represents a 15.80% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director M Scott Welch bought 10,050 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were bought at an average price of $88.23 per share, with a total value of $886,711.50. Following the purchase, the director owned 156,000 shares in the company, valued at $13,763,880. The trade was a 6.89% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders purchased 28,700 shares of company stock valued at $2,532,880. 3.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Patrick Industries by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock worth $267,883,000 after purchasing an additional 16,959 shares during the last quarter. Wellington Management Group LLP grew its holdings in Patrick Industries by 19.9% in the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock valued at $240,401,000 after buying an additional 367,802 shares in the last quarter. Capital Research Global Investors grew its holdings in Patrick Industries by 24.4% in the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after buying an additional 223,014 shares in the last quarter. Geode Capital Management LLC increased its position in Patrick Industries by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock worth $88,870,000 after buying an additional 4,816 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in Patrick Industries by 17.7% during the 4th 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. Institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.