Patrick Industries (NASDAQ:PATK) Stock Rating Reaffirmed by Truist Financial

Patrick Industries (NASDAQ:PATK)‘s stock had its “buy” rating reiterated by equities research analysts at Truist Financial in a research note issued on Friday, Benzinga reports. They currently have a $130.00 price target on the construction company’s stock. Truist Financial’s target price suggests a potential upside of 21.38% from the stock’s current price.

Several other research firms also recently commented on PATK. KeyCorp upped their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Finally, Roth Mkm upped their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.00.

Patrick Industries Stock Down 1.8 %

PATK stock opened at $107.10 on Friday. The firm has a 50 day moving average of $113.13 and a 200 day moving average of $96.00. The stock has a market capitalization of $2.40 billion, a PE ratio of 16.45 and a beta of 1.72. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97. Patrick Industries has a 52 week low of $63.57 and a 52 week high of $123.58.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. The company had revenue of $781.20 million during the quarter, compared to analysts’ expectations of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. Patrick Industries’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period last year, the business earned $1.82 EPS. Sell-side analysts forecast that Patrick Industries will post 7.84 earnings per share for the current year.

Insider Activity at Patrick Industries

In related news, insider Kip B. Ellis sold 7,462 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the transaction, the insider now directly owns 101,316 shares in the company, valued at approximately $12,359,538.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Patrick Industries news, CEO Andy L. Nemeth sold 10,000 shares of the company’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 in the company, valued at $33,306,185. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kip B. Ellis sold 7,462 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $121.99, for a total transaction of $910,289.38. Following the transaction, the insider now owns 101,316 shares of the company’s stock, valued at $12,359,538.84. The disclosure for this sale can be found here. Insiders sold a total of 48,873 shares of company stock worth $5,681,957 in the last three months. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of large investors have recently added to or reduced their stakes in PATK. Tower Research Capital LLC TRC grew its holdings in shares of Patrick Industries by 129.6% during the first quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock worth $34,000 after buying an additional 276 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Patrick Industries during the fourth quarter worth $35,000. Carmel Capital Partners LLC purchased a new stake in shares of Patrick Industries during the third quarter worth $44,000. Gyon Technologies Capital Management LP purchased a new stake in shares of Patrick Industries during the fourth quarter worth $48,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Patrick Industries during the second quarter worth $71,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.