Patrick Industries (NASDAQ:PATK) Rating Reiterated by Benchmark

Patrick Industries (NASDAQ:PATK)‘s stock had its “buy” rating reiterated by equities researchers at Benchmark in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $145.00 price objective on the construction company’s stock. Benchmark’s target price indicates a potential upside of 3.20% from the company’s previous close.

Several other research analysts have also commented on PATK. KeyCorp upped their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Robert W. Baird increased their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Truist Financial increased their price objective on shares of Patrick Industries from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. DA Davidson increased their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, BMO Capital Markets increased their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $133.29.

Patrick Industries Trading Up 0.6 %

NASDAQ:PATK opened at $140.51 on Tuesday. The company has a fifty day moving average of $125.00 and a 200 day moving average of $115.75. Patrick Industries has a 52 week low of $70.15 and a 52 week high of $146.47. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $3.15 billion, a P/E ratio of 20.70, a P/E/G ratio of 1.05 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $972.06 million. During the same period in the prior year, the business posted $1.94 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. On average, research analysts predict that Patrick Industries will post 7.32 earnings per share for the current year.

Insider Transactions at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the sale, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the transaction, the director now owns 82,374 shares in the company, valued at $10,795,112.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 in the last quarter. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. bought a new position in shares of Patrick Industries during the second quarter worth $41,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in Patrick Industries by 78.5% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after purchasing an additional 840 shares during the last quarter. Heritage Family Offices LLP bought a new position in Patrick Industries during the second quarter valued at $227,000. Xponance Inc. lifted its position in Patrick Industries by 4.1% during the second quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after purchasing an additional 83 shares during the last quarter. Finally, Algert Global LLC bought a new position in Patrick Industries during the second quarter valued at $233,000. Institutional investors own 93.29% of the company’s stock.

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.