Truist Financial Increases Patrick Industries (NASDAQ:PATK) Price Target to $165.00

Patrick Industries (NASDAQ:PATK) had its target price increased by Truist Financial from $150.00 to $165.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Truist Financial’s target price points to a potential upside of 12.31% from the company’s current price.

A number of other research firms have also weighed in on PATK. KeyCorp upped their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. BMO Capital Markets raised their price target on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Robert W. Baird increased their target price on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Benchmark reissued a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a research note on Tuesday. Finally, DA Davidson upped their price target on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average price target of $135.43.

Patrick Industries Stock Performance

PATK stock traded up $0.49 during trading on Friday, reaching $146.91. The stock had a trading volume of 94,942 shares, compared to its average volume of 176,344. The stock’s 50 day moving average is $126.31 and its two-hundred day moving average is $116.13. The firm has a market cap of $3.29 billion, a PE ratio of 21.76, a PEG ratio of 1.05 and a beta of 1.62. Patrick Industries has a 52 week low of $70.15 and a 52 week high of $147.80. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19.

Patrick Industries (NASDAQ:PATK) last announced its 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 business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $972.06 million. During the same period in the prior year, the company earned $1.94 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. As a group, equities analysts anticipate that Patrick Industries will post 7.32 earnings per share for the current year.

Insider Transactions at Patrick Industries

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the sale, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 value of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock valued at $3,858,915 in the last ninety days. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

A number of institutional investors have recently bought and sold shares of PATK. Pacer Advisors Inc. increased its position in Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after acquiring an additional 221,904 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in Patrick Industries during the 2nd quarter valued at about $22,460,000. Norges Bank purchased a new stake in Patrick Industries in the 4th quarter worth about $14,782,000. Peregrine Capital Management LLC bought a new stake in Patrick Industries in the first quarter worth about $8,546,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Patrick Industries by 10.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after buying an additional 26,389 shares during the period. 93.29% of the stock is currently owned by institutional investors.

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.