BMO Capital Markets Forecasts Strong Price Appreciation for Patrick Industries (NASDAQ:PATK) Stock

Patrick Industries (NASDAQ:PATK - Get Free Report) had its target price raised by BMO Capital Markets from $150.00 to $155.00 in a report issued on Friday, Benzinga reports. The firm currently has an "outperform" rating on the construction company's stock. BMO Capital Markets' target price would suggest a potential upside of 33.89% from the stock's current price.

Several other analysts also recently commented on PATK. Truist Financial upped their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a "buy" rating in a report on Friday, September 20th. Raymond James started coverage on shares of Patrick Industries in a report on Tuesday, October 1st. They issued an "outperform" rating and a $160.00 price objective on the stock. KeyCorp upped their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the company an "overweight" rating in a report on Wednesday, October 23rd. DA Davidson upped their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the company a "neutral" rating in a report on Monday, August 5th. Finally, Robert W. Baird upped their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an "outperform" rating in a report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $139.88.

Patrick Industries Stock Performance

Patrick Industries stock traded down $10.21 during mid-day trading on Friday, reaching $115.77. 871,734 shares of the company traded hands, compared to its average volume of 180,648. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. Patrick Industries has a fifty-two week low of $75.01 and a fifty-two week high of $148.35. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 1.26 and a beta of 1.61. The firm's fifty day moving average is $136.98 and its two-hundred day moving average is $121.65.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.83 by ($0.03). Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same quarter in the previous year, the company posted $1.81 EPS. The company's revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts expect that Patrick Industries will post 7.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the company's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the transaction, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the sale, the director now directly owns 82,374 shares in the company, valued at $10,795,112.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeff Rodino sold 20,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares of the company's stock, valued at $18,274,749.33. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,411 shares of company stock worth $3,858,915. Company insiders own 4.70% of the company's stock.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds have recently modified their holdings 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 worth $143,889,000 after purchasing an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in 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 worth $33,078,000 after purchasing an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Patrick Industries during the second quarter worth about $22,460,000. Tributary Capital Management LLC increased its position in Patrick Industries by 0.3% during the second quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company's stock worth $22,338,000 after purchasing an additional 613 shares during the last quarter. Finally, Fiera Capital Corp acquired a new stake in Patrick Industries during the third quarter worth about $27,888,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.