BMO Capital Markets Boosts Patrick Industries (NASDAQ:PATK) Price Target to $125.00

Patrick Industries (NASDAQ:PATK) had its price target hoisted by BMO Capital Markets from $120.00 to $125.00 in a research note released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the construction company’s stock.

Several other equities analysts have also recently commented on the stock. Truist Financial restated a buy rating and set a $130.00 price target on shares of Patrick Industries in a report on Friday, April 12th. Roth Mkm upped their target price on Patrick Industries from $101.00 to $120.00 and gave the stock a buy rating in a research report on Friday, February 9th. KeyCorp lifted their price target on Patrick Industries from $110.00 to $115.00 and gave the company an overweight rating in a report on Friday, February 9th. Finally, StockNews.com cut Patrick Industries from a buy rating to a hold rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Patrick Industries has a consensus rating of Moderate Buy and a consensus price target of $106.71.

Patrick Industries Trading Up 1.8 %

PATK traded up $2.05 during trading on Friday, reaching $113.18. The company had a trading volume of 145,328 shares, compared to its average volume of 169,941. The firm’s 50-day simple moving average is $112.17 and its 200 day simple moving average is $99.53. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.96 and a current ratio of 2.38. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 16.86 and a beta of 1.73. Patrick Industries has a 12-month low of $63.57 and a 12-month high of $123.58.

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

Insider Transactions at Patrick Industries

In related news, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the sale, the director now owns 8,553 shares in the company, valued at $948,271.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Patrick Industries news, insider Kip B. Ellis sold 7,462 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the transaction, the insider now directly owns 101,316 shares of the company’s stock, valued at approximately $12,359,538.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the sale, the director now owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The disclosure for this sale can be found here. Insiders have sold a total of 48,873 shares of company stock valued at $5,681,957 over the last 90 days. 4.70% of the stock is owned by corporate insiders.

Institutional Trading of Patrick Industries

Several hedge funds have recently added to or reduced their stakes in the company. Texas Permanent School Fund Corp grew its holdings in Patrick Industries by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 18,209 shares of the construction company’s stock valued at $2,175,000 after buying an additional 236 shares in the last quarter. FORA Capital LLC boosted its position in shares of Patrick Industries by 2.9% in the first quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after acquiring an additional 128 shares during the period. Capstone Investment Advisors LLC grew its stake in shares of Patrick Industries by 29.4% in the first quarter. Capstone Investment Advisors LLC now owns 2,849 shares of the construction company’s stock valued at $340,000 after acquiring an additional 647 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Patrick Industries by 9.0% during the first quarter. Janney Montgomery Scott LLC now owns 19,285 shares of the construction company’s stock worth $2,304,000 after acquiring an additional 1,600 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in Patrick Industries by 52.4% in the 1st quarter. BNP Paribas Financial Markets now owns 11,163 shares of the construction company’s stock worth $1,334,000 after purchasing an additional 3,837 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

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.