KeyCorp began coverage on shares of Patrick Industries (NASDAQ:PATK) in a research report released on Friday. The brokerage issued an overweight rating and a $80.00 price target on the construction company’s stock.

Several other equities research analysts also recently weighed in on PATK. Wells Fargo & Company reissued a market perform rating and set a $66.00 price objective (down previously from $90.00) on shares of Patrick Industries in a report on Thursday. Zacks Investment Research raised Patrick Industries from a hold rating to a buy rating and set a $62.67 target price on the stock in a report on Friday, September 29th. ValuEngine raised Patrick Industries from a hold rating to a buy rating in a report on Monday, December 11th. Robert W. Baird reaffirmed a buy rating on shares of Patrick Industries in a report on Thursday, October 12th. Finally, Bank of America lifted their target price on Patrick Industries from $56.67 to $62.00 and gave the stock a buy rating in a report on Tuesday, October 24th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Patrick Industries presently has a consensus rating of Buy and an average price target of $64.27.

Patrick Industries (NASDAQ:PATK) traded up $1.35 during midday trading on Friday, hitting $66.20. The company had a trading volume of 351,583 shares, compared to its average volume of 128,142. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.00 and a current ratio of 2.23. Patrick Industries has a 12 month low of $40.07 and a 12 month high of $68.63. The firm has a market cap of $1,636.35, a P/E ratio of 22.26, a price-to-earnings-growth ratio of 1.85 and a beta of 0.99.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 26th. The construction company reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.10. Patrick Industries had a return on equity of 24.60% and a net margin of 4.73%. The company had revenue of $407.50 million for the quarter, compared to the consensus estimate of $371.98 million. During the same quarter last year, the business posted $0.53 EPS. Patrick Industries’s revenue for the quarter was up 34.0% on a year-over-year basis. equities research analysts anticipate that Patrick Industries will post 3.05 EPS for the current year.

In other news, Director John A. Forbes sold 1,000 shares of the business’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $65.80, for a total value of $65,800.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Paul E. Hassler sold 10,000 shares of the business’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $77.00, for a total value of $770,000.00. Following the completion of the transaction, the director now directly owns 32,911 shares in the company, valued at $2,534,147. The disclosure for this sale can be found here. Insiders have sold a total of 242,660 shares of company stock worth $20,754,238 over the last ninety days. Company insiders own 5.20% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Alps Advisors Inc. lifted its stake in shares of Patrick Industries by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 6,879 shares of the construction company’s stock valued at $501,000 after purchasing an additional 18 shares during the period. Texas Permanent School Fund lifted its stake in shares of Patrick Industries by 0.6% in the 2nd quarter. Texas Permanent School Fund now owns 11,624 shares of the construction company’s stock valued at $847,000 after purchasing an additional 71 shares during the period. Aperio Group LLC lifted its stake in shares of Patrick Industries by 2.9% in the 2nd quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock valued at $223,000 after purchasing an additional 85 shares during the period. California Public Employees Retirement System lifted its stake in shares of Patrick Industries by 0.3% in the 2nd quarter. California Public Employees Retirement System now owns 33,000 shares of the construction company’s stock valued at $2,404,000 after purchasing an additional 100 shares during the period. Finally, Ameritas Investment Partners Inc. lifted its stake in shares of Patrick Industries by 13.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after purchasing an additional 168 shares during the period. 89.33% of the stock is currently owned by institutional investors.

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About Patrick Industries

Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.

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