Patrick Industries (NASDAQ:PATK) Given New $100.00 Price Target at KeyCorp

Patrick Industries (NASDAQ:PATK) had its price objective decreased by analysts at KeyCorp from $110.00 to $100.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. KeyCorp’s price objective suggests a potential upside of 26.74% from the stock’s current price.

PATK has been the subject of several other research reports. Raymond James raised their target price on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Robert W. Baird restated a “neutral” rating and set a $96.00 price objective (down from $100.00) on shares of Patrick Industries in a research report on Friday, April 4th. Truist Financial dropped their target price on Patrick Industries from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Monday. Benchmark boosted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Baird R W downgraded shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $96.79.

Patrick Industries Trading Down 0.4 %

NASDAQ PATK traded down $0.33 on Thursday, hitting $78.90. 23,651 shares of the company were exchanged, compared to its average volume of 335,695. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries has a twelve month low of $67.72 and a twelve month high of $98.90. The firm has a market capitalization of $2.65 billion, a P/E ratio of 19.15, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. The company’s 50 day moving average price is $86.48 and its 200-day moving average price is $88.62.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Analysts predict that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Insider Activity

In related news, Director M Scott Welch acquired 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, with a total value of $211,550.00. Following the purchase, the director now owns 2,961 shares of the company’s stock, valued at approximately $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the sale, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently bought and sold shares of the stock. Kestra Investment Management LLC bought a new position in shares of Patrick Industries during the 4th quarter worth about $25,000. Covestor Ltd grew its position in Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after buying an additional 312 shares in the last quarter. Quadrant Capital Group LLC increased its stake in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after acquiring an additional 109 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after acquiring an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after acquiring an additional 528 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

About Patrick Industries

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.