Patrick Industries (NASDAQ:PATK) Stock Rating Reaffirmed by Roth Mkm

Patrick Industries (NASDAQ:PATK)‘s stock had its “buy” rating reissued by stock analysts at Roth Mkm in a research note issued to investors on Monday, Benzinga reports. They currently have a $126.00 price target on the construction company’s stock, up from their prior price target of $120.00. Roth Mkm’s target price indicates a potential upside of 10.39% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on PATK. Truist Financial reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a research report on Friday, April 12th. StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. KeyCorp boosted their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Finally, BMO Capital Markets raised their target price on Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $106.71.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $114.14 on Monday. Patrick Industries has a 52 week low of $63.57 and a 52 week 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 business has a 50 day moving average price of $112.09 and a 200-day moving average price of $100.09. The company has a market cap of $2.56 billion, a PE ratio of 16.91 and a beta of 1.73.

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

Insider Buying and Selling

In related news, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the transaction, the director now directly owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Kip B. Ellis sold 18,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the sale, the insider now directly owns 108,778 shares in the company, valued at approximately $12,509,470. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction dated 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 in the company, valued at $948,271.11. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,873 shares of company stock valued at $5,681,957. 4.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Patrick Industries by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock valued at $144,828,000 after acquiring an additional 21,735 shares during the period. Pacer Advisors Inc. increased its position in shares of Patrick Industries by 39.7% during 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. increased its position in shares of Patrick Industries by 7.0% during 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 bought a new stake in shares of Patrick Industries during the fourth quarter valued at about $14,782,000. Finally, Anchor Capital Management Company LLC increased its position in shares of Patrick Industries by 19.3% during 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. 93.29% of the stock is currently owned by institutional investors.

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.