Patrick Industries (NASDAQ:PATK) Price Target Cut to $113.00 by Analysts at Truist Financial

Patrick Industries (NASDAQ:PATK) had its price target cut by Truist Financial from $126.00 to $113.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Truist Financial’s price target indicates a potential upside of 34.44% from the stock’s current price.

Other research analysts also recently issued reports about the company. KeyCorp decreased their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. BMO Capital Markets reissued an “outperform” rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Benchmark decreased 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. Weiss Ratings downgraded shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Finally, Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $121.00.

Patrick Industries Stock Down 4.2%

NASDAQ:PATK traded down $3.67 on Wednesday, hitting $84.05. 94,973 shares of the company’s stock were exchanged, compared to its average volume of 489,168. The firm has a 50-day moving average price of $90.09 and a 200-day moving average price of $109.16. Patrick Industries has a 52 week low of $82.35 and a 52 week high of $148.50. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The company has a market cap of $2.76 billion, a P/E ratio of 21.64 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. During the same quarter in the previous year, the business earned $1.11 earnings per share. Patrick Industries’s quarterly revenue was down .6% on a year-over-year basis. As a group, analysts expect that Patrick Industries will post 4.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jacob R. Petkovich acquired 1,300 shares of Patrick Industries stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $95.57 per share, with a total value of $124,241.00. Following the completion of the transaction, the insider directly owned 46,290 shares in the company, valued at $4,423,935.30. This trade represents a 2.89% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew S. Filer acquired 1,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was bought at an average price of $85.50 per share, for a total transaction of $85,500.00. Following the completion of the acquisition, the chief financial officer owned 21,614 shares of the company’s stock, valued at approximately $1,847,997. The trade was a 4.85% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 28,700 shares of company stock valued at $2,532,880. Insiders own 3.80% of the company’s stock.

Institutional Trading of Patrick Industries

Several hedge funds and other institutional investors have recently modified their holdings of PATK. Wellington Management Group LLP grew its position in shares of Patrick Industries by 19.9% in the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock valued at $240,401,000 after purchasing an additional 367,802 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Patrick Industries by 12,134.2% during the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock worth $28,123,000 after purchasing an additional 257,245 shares during the last quarter. Capital Research Global Investors lifted its holdings in Patrick Industries by 24.4% during the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after purchasing an additional 223,014 shares during the last quarter. Bessemer Group Inc. boosted its stake in Patrick Industries by 3,602.4% in the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after purchasing an additional 145,863 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Patrick Industries by 17.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock valued at $81,205,000 after purchasing 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.