Patrick Industries (NASDAQ:PATK) Given New $136.00 Price Target at Raymond James

Patrick Industries (NASDAQ:PATK - Get Free Report) had its target price decreased by investment analysts at Raymond James from $160.00 to $136.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an "outperform" rating on the construction company's stock. Raymond James' price target points to a potential upside of 17.47% from the company's previous close.

Several other analysts also recently commented on PATK. Benchmark reiterated a "buy" rating and set a $145.00 price target on shares of Patrick Industries in a research note on Tuesday, September 17th. Truist Financial increased their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a "buy" rating in a research note on Friday, September 20th. BMO Capital Markets raised their price target on Patrick Industries from $150.00 to $155.00 and gave the stock an "outperform" rating in a report on Friday. DA Davidson upped their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a "neutral" rating in a research note on Monday, August 5th. Finally, KeyCorp lifted their target price on Patrick Industries from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Patrick Industries has an average rating of "Moderate Buy" and a consensus price target of $139.88.

Patrick Industries Stock Performance

Shares of PATK stock traded down $10.21 during mid-day trading on Friday, hitting $115.77. 871,641 shares of the stock were exchanged, compared to its average volume of 180,648. The stock's fifty day simple moving average is $136.98 and its two-hundred day simple moving average is $121.65. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. Patrick Industries has a 12-month low of $75.01 and a 12-month high of $148.35. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 16.61, a P/E/G ratio of 1.26 and a beta of 1.61.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released 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 return on equity of 15.06% and a net margin of 4.26%. The firm had revenue of $919.44 million for the quarter, compared to analysts' expectations of $935.75 million. During the same quarter in the prior year, the business earned $1.81 EPS. The company's quarterly revenue was up 6.2% compared to the same quarter last year. On average, analysts forecast that Patrick Industries will post 7.21 EPS for the current year.

Insider Activity

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the business's stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jeff Rodino sold 20,000 shares of the company's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the sale, the chief operating officer now owns 23,759 shares of the company's stock, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock worth $3,858,915 over the last 90 days. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Patrick Industries

A number of hedge funds have recently bought and sold shares of PATK. Sound Income Strategies LLC purchased a new stake in shares of Patrick Industries in the third quarter valued at $46,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Patrick Industries in the 2nd quarter valued at about $41,000. GAMMA Investing LLC increased its stake in shares of Patrick Industries by 76.2% during the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company's stock valued at $67,000 after acquiring an additional 205 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock worth $81,000 after acquiring an additional 362 shares during the period. Finally, nVerses Capital LLC acquired a new stake in shares of Patrick Industries in the third quarter worth approximately $157,000. Institutional investors and hedge funds own 93.29% of the company's stock.

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.