Patrick Industries (NASDAQ:PATK) Price Target Cut to $100.00 by Analysts at BMO Capital Markets

Patrick Industries (NASDAQ:PATK) had its target price lowered by investment analysts at BMO Capital Markets from $120.00 to $100.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the construction company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 55.69% from the stock’s previous close.

Several other research firms also recently weighed in on PATK. KeyCorp dropped their target price on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. Raymond James Financial reissued an “outperform” rating and set a $94.00 price target on shares of Patrick Industries in a research report on Friday, July 31st. Benchmark reissued a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Northcoast Research set a $121.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a research note on Tuesday, September 1st. Finally, Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a report on Monday, August 10th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $106.78.

Patrick Industries Trading Up 0.0%

Shares of PATK traded up $0.03 during midday trading on Tuesday, hitting $64.23. 177,382 shares of the stock were exchanged, compared to its average volume of 509,793. Patrick Industries has a 52-week low of $63.00 and a 52-week high of $148.50. The stock has a fifty day simple moving average of $77.10 and a 200 day simple moving average of $87.91. The firm has a market cap of $2.06 billion, a P/E ratio of 15.23 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.05. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.50 EPS. On average, research analysts anticipate that Patrick Industries will post 4.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PATK. Foster & Motley Inc. purchased a new stake in Patrick Industries during the 2nd quarter worth about $1,347,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Patrick Industries during the 1st quarter worth about $5,220,000. Jupiter Topco LLC purchased a new position in shares of Patrick Industries in the 2nd quarter valued at about $1,289,000. Bank of America Corp DE purchased a new position in shares of Patrick Industries in the 2nd quarter valued at about $30,646,000. Finally, Atom Investors LP purchased a new position in shares of Patrick Industries in the 4th quarter valued at about $7,272,000. 93.29% of the stock is owned by institutional investors and hedge funds.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty products.