Patrick Industries (NASDAQ:PATK) Given New $125.00 Price Target at BMO Capital Markets

Patrick Industries (NASDAQ:PATK) had its price objective upped by investment analysts at BMO Capital Markets from $120.00 to $125.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the construction company’s stock. BMO Capital Markets’ target price indicates a potential upside of 12.48% from the stock’s previous close.

Several other research analysts also recently issued reports on PATK. Roth Mkm lifted their price target on Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. KeyCorp boosted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Finally, Truist Financial reissued a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $105.86.

Patrick Industries Price Performance

Shares of NASDAQ:PATK traded up $0.79 during midday trading on Friday, hitting $111.13. 230,452 shares of the stock were exchanged, compared to its average volume of 170,227. The stock has a market cap of $2.49 billion, a P/E ratio of 17.07, a PEG ratio of 0.64 and a beta of 1.73. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97. Patrick Industries has a twelve month low of $63.57 and a twelve month high of $123.58. The company has a 50 day moving average price of $112.23 and a 200-day moving average price of $98.94.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.47. The business had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The business’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.35 EPS. On average, research analysts forecast that Patrick Industries will post 8.1 earnings per share for the current year.

Insider Activity

In other news, insider Kip B. Ellis sold 18,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the completion of the sale, the insider now owns 108,778 shares in the company, valued at approximately $12,509,470. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Kip B. Ellis sold 7,462 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $121.99, for a total transaction of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares in the company, valued at approximately $12,359,538.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kip B. Ellis sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the transaction, the insider now owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The disclosure for this sale can be found here. Insiders sold a total of 48,873 shares of company stock valued at $5,681,957 in the last 90 days. 4.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently bought and sold shares of PATK. GAMMA Investing LLC purchased a new position in Patrick Industries in the 4th quarter worth approximately $35,000. Carmel Capital Partners LLC purchased a new position in Patrick Industries in the 3rd quarter worth approximately $44,000. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Patrick Industries by 21.6% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock worth $102,000 after acquiring an additional 238 shares during the period. Xponance Inc. purchased a new position in Patrick Industries in the 4th quarter worth approximately $203,000. Finally, Heritage Wealth Management LLC purchased a new position in shares of Patrick Industries during the 4th quarter valued at approximately $238,000. Hedge funds and other 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.