Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $73.83

Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) has earned an average recommendation of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $73.17.

Several equities research analysts have recently weighed in on PATK shares. KeyCorp started coverage on shares of Patrick Industries in a report on Wednesday, April 19th. They issued an “overweight” rating and a $80.00 target price on the stock. TheStreet raised shares of Patrick Industries from a “c+” rating to a “b-” rating in a report on Thursday, February 9th. Robert W. Baird upped their target price on shares of Patrick Industries from $74.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, February 10th. Truist Financial lowered their target price on shares of Patrick Industries from $84.00 to $80.00 in a report on Thursday. Finally, StockNews.com started coverage on shares of Patrick Industries in a report on Thursday, May 18th. They issued a “hold” rating on the stock.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $69.34 on Friday. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 6.76, a PEG ratio of 3.31 and a beta of 1.88. Patrick Industries has a 1-year low of $41.75 and a 1-year high of $77.96. The firm has a fifty day simple moving average of $67.44 and a 200-day simple moving average of $65.36. The company has a current ratio of 2.87, a quick ratio of 0.98 and a debt-to-equity ratio of 1.37.

Patrick Industries (NASDAQ:PATK – Get Rating) last released its earnings results on Thursday, April 27th. The construction company reported $1.35 EPS for the quarter, beating the consensus estimate of $1.33 by $0.02. Patrick Industries had a net margin of 5.53% and a return on equity of 27.78%. The firm had revenue of $900.10 million during the quarter, compared to analysts’ expectations of $834.46 million. During the same period in the prior year, the company earned $4.54 EPS. The business’s quarterly revenue was down 32.9% compared to the same quarter last year. On average, sell-side analysts expect that Patrick Industries will post 6.9 earnings per share for the current year.

Insiders Place Their Bets

In other Patrick Industries news, Director Todd M. Cleveland sold 2,500 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $69.09, for a total transaction of $172,725.00. Following the sale, the director now owns 125,416 shares of the company’s stock, valued at approximately $8,664,991.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Todd M. Cleveland sold 2,500 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $69.09, for a total value of $172,725.00. Following the transaction, the director now owns 125,416 shares of the company’s stock, valued at approximately $8,664,991.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $68.52, for a total transaction of $685,200.00. Following the completion of the transaction, the director now directly owns 97,916 shares in the company, valued at approximately $6,709,204.32. The disclosure for this sale can be found here. Insiders own 6.80% of the company’s stock.

Institutional Trading of Patrick Industries

A number of hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Patrick Industries by 5.8% in the 1st quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock valued at $222,602,000 after acquiring an additional 201,274 shares during the period. Vanguard Group Inc. raised its position in shares of Patrick Industries by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,860,048 shares of the construction company’s stock valued at $81,543,000 after acquiring an additional 78,014 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Patrick Industries by 9.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,298,834 shares of the construction company’s stock valued at $89,370,000 after acquiring an additional 109,174 shares during the period. State Street Corp raised its position in shares of Patrick Industries by 3.8% in the 1st quarter. State Street Corp now owns 760,855 shares of the construction company’s stock valued at $45,880,000 after acquiring an additional 27,636 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Patrick Industries by 3.7% during the 1st quarter. Geode Capital Management LLC now owns 430,182 shares of the construction company’s stock worth $29,601,000 after buying an additional 15,198 shares during the period. 89.53% of the stock is currently owned by institutional investors and hedge funds.

About Patrick Industries

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Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.