Patrick Industries (NASDAQ:PATK) Price Target Lowered to $100.00 at KeyCorp

Patrick Industries (NASDAQ:PATK) had its price objective decreased by investment analysts at KeyCorp from $110.00 to $100.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. KeyCorp’s price target would suggest a potential upside of 26.74% from the company’s previous close.

Several other equities analysts have also recently commented on PATK. Baird R W cut Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Benchmark increased their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Truist Financial lowered their price objective on Patrick Industries from $120.00 to $110.00 and set a “buy” rating for the company in a report on Monday. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $96.00 target price (down previously from $100.00) on shares of Patrick Industries in a report on Friday, April 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $96.79.

Patrick Industries Stock Down 0.4 %

PATK traded down $0.33 during trading hours on Thursday, reaching $78.90. 23,651 shares of the stock traded hands, compared to its average volume of 335,695. Patrick Industries has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 19.15, a PEG ratio of 1.41 and a beta of 2.17. 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 fifty day simple moving average is $86.48 and its two-hundred day simple moving average is $88.62.

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, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. As a group, analysts forecast that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Insider Activity

In other Patrick Industries news, Director M Scott Welch purchased 2,500 shares of Patrick Industries stock in a transaction on Thursday, March 13th. The stock was bought at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the transaction, the director now owns 2,961 shares of the company’s stock, valued at $250,559.82. The trade was a 542.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors have recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at $25,000. Covestor Ltd lifted its holdings in Patrick Industries by 10,400.0% in 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 boosted its position in shares of 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 purchasing an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in shares of Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after purchasing an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings 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 worth $49,000 after purchasing an additional 528 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.