Patrick Industries’ (PATK) “Neutral” Rating Reaffirmed at Robert W. Baird

Patrick Industries (NASDAQ:PATK)‘s stock had its “neutral” rating reiterated by analysts at Robert W. Baird in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $96.00 price target on the construction company’s stock, down from their previous price target of $100.00. Robert W. Baird’s price target would suggest a potential upside of 19.84% from the company’s current price.

PATK has been the subject of a number of other reports. Truist Financial lifted their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. Raymond James lifted their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Benchmark upped their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, KeyCorp increased their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.29.

Patrick Industries Stock Down 9.1 %

Shares of NASDAQ:PATK opened at $80.11 on Friday. The firm has a market capitalization of $2.70 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. Patrick Industries has a 1 year low of $67.72 and a 1 year high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The firm’s 50-day moving average is $90.26 and its two-hundred day moving average is $89.77.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping 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%. Analysts predict that Patrick Industries will post 5.33 EPS for the current year.

Insider Buying and Selling

In other news, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the transaction, the director now owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Institutional investors have recently modified their holdings of the business. Kestra Investment Management LLC purchased a new stake in shares of Patrick Industries in the fourth quarter valued at about $25,000. Covestor Ltd raised its stake in Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company’s stock valued at $26,000 after acquiring an additional 312 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after acquiring an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC grew its stake in shares of Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after purchasing an additional 528 shares during the last quarter. 93.29% of the stock is 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.