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

Patrick Industries (NASDAQ:PATK) had its target price reduced by equities researchers at KeyCorp from $155.00 to $140.00 in a research report issued on Thursday, MarketBeat.com reports. The firm currently has an “overweight” rating on the construction company’s stock. KeyCorp’s price target would indicate a potential upside of 19.05% from the company’s previous close.

Several other brokerages also recently issued reports on PATK. Weiss Ratings raised shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 price objective on shares of Patrick Industries in a research report on Friday, February 6th. Truist Financial set a $126.00 price objective on Patrick Industries in a research report on Friday, January 9th. Robert W. Baird set a $140.00 price objective on Patrick Industries in a research report on Friday, February 6th. Finally, Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $133.25.

Patrick Industries Stock Down 0.8%

Shares of NASDAQ PATK opened at $117.60 on Thursday. The stock has a market cap of $3.89 billion, a PE ratio of 30.08 and a beta of 1.35. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. Patrick Industries has a 52-week low of $75.26 and a 52-week high of $148.50. The business has a 50-day moving average price of $123.02 and a 200 day moving average price of $113.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. During the same period last year, the firm posted $0.52 EPS. Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. Equities research analysts forecast that Patrick Industries will post 5.33 earnings per share for the current year.

Insiders Place Their Bets

In other Patrick Industries news, CAO Matthew S. Filer purchased 1,000 shares of Patrick Industries stock in a transaction dated Friday, February 6th. The stock was acquired at an average cost of $139.91 per share, with a total value of $139,910.00. Following the acquisition, the chief accounting officer directly owned 20,614 shares of the company’s stock, valued at $2,884,104.74. This represents a 5.10% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director M Scott Welch purchased 10,000 shares of Patrick Industries stock in a transaction dated Thursday, March 12th. The stock was acquired at an average cost of $113.68 per share, with a total value of $1,136,800.00. Following the completion of the acquisition, the director directly owned 146,000 shares in the company, valued at approximately $16,597,280. This trade represents a 7.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 11,110 shares of company stock worth $1,289,895 and sold 20,121 shares worth $2,477,337. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Patrick Industries

Hedge funds have recently modified their holdings of the business. Torren Management LLC acquired a new stake in shares of Patrick Industries in the 4th quarter valued at approximately $26,000. Advisory Services Network LLC acquired a new position in Patrick Industries during the third quarter worth $25,000. Salomon & Ludwin LLC acquired a new position in Patrick Industries during the third quarter worth $25,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries during the third quarter worth $31,000. Finally, Allworth Financial LP raised its holdings in Patrick Industries by 181.3% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after purchasing an additional 203 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

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.