Robert W. Baird Reiterates “Neutral” Rating for Patrick Industries (NASDAQ:PATK)

Patrick Industries (NASDAQ:PATK)‘s stock had its “neutral” rating reiterated by investment analysts at Robert W. Baird in a research note issued to investors on Friday, MarketBeat Ratings reports. They presently have a $96.00 price target on the construction company’s stock, down from their prior price target of $100.00. Robert W. Baird’s price objective suggests a potential upside of 22.14% from the company’s previous close.

Several other research firms have also commented on PATK. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Benchmark raised their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Raymond James upped 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. KeyCorp boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, Truist Financial increased their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $99.29.

Patrick Industries Trading Down 1.9 %

Shares of PATK stock opened at $78.60 on Friday. Patrick Industries has a 1-year low of $67.72 and a 1-year high of $98.90. The firm’s 50-day simple moving average is $89.94 and its 200-day simple moving average is $89.66. The firm has a market cap of $2.64 billion, a P/E ratio of 19.08, a PEG ratio of 1.41 and a beta of 2.37. 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 (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, equities analysts forecast that Patrick Industries will post 5.33 EPS for the current year.

Insider Activity at Patrick Industries

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

Institutional Trading of Patrick Industries

A number of large investors have recently modified their holdings of the company. California State Teachers Retirement System increased its stake in shares of Patrick Industries by 48.2% in the fourth quarter. California State Teachers Retirement System now owns 29,878 shares of the construction company’s stock valued at $2,482,000 after purchasing an additional 9,724 shares during the period. Centaurus Financial Inc. boosted its position in Patrick Industries by 37.8% during the 4th quarter. Centaurus Financial Inc. now owns 58,347 shares of the construction company’s stock worth $4,847,000 after acquiring an additional 16,002 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of Patrick Industries by 50.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company’s stock worth $68,000 after purchasing an additional 273 shares in the last quarter. Investment Management Corp VA ADV acquired a new position in shares of Patrick Industries during the fourth quarter valued at $52,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Patrick Industries by 104.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 66,698 shares of the construction company’s stock valued at $5,541,000 after purchasing an additional 34,082 shares in the last quarter. Institutional investors and hedge funds 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.