Patrick Industries’ (PATK) “Buy” Rating Reiterated at Benchmark

Patrick Industries (NASDAQ:PATK)‘s stock had its “buy” rating restated by stock analysts at Benchmark in a report issued on Tuesday, Benzinga reports. They currently have a $145.00 price objective on the construction company’s stock. Benchmark’s price objective indicates a potential upside of 6.20% from the company’s current price.

PATK has been the subject of several other research reports. DA Davidson increased their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Truist Financial increased their target price on Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Robert W. Baird raised their target price on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. BMO Capital Markets upped their price target on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, KeyCorp lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $133.29.

Patrick Industries Stock Performance

PATK opened at $136.54 on Tuesday. The stock’s 50 day simple moving average is $123.75 and its 200-day simple moving average is $115.51. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The stock has a market cap of $3.06 billion, a PE ratio of 20.23, a P/E/G ratio of 1.05 and a beta of 1.62. Patrick Industries has a 1 year low of $70.15 and a 1 year high of $136.84.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. During the same quarter in the previous year, the company earned $1.94 earnings per share. The business’s revenue was up 10.8% compared to the same quarter last year. Sell-side analysts forecast that Patrick Industries will post 7.32 EPS for the current year.

Insider Transactions at Patrick Industries

In related news, 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 completion of the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The transaction 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 the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,411 shares of company stock worth $3,858,915. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PATK. Sanctuary Advisors LLC acquired a new position in shares of Patrick Industries during the second quarter valued at $620,000. Northwestern Mutual Wealth Management Co. bought a new stake in Patrick Industries during the 2nd quarter worth about $41,000. Algert Global LLC acquired a new position in Patrick Industries during the 2nd quarter valued at about $233,000. The Manufacturers Life Insurance Company boosted its stake in shares of Patrick Industries by 5.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,842 shares of the construction company’s stock valued at $1,285,000 after purchasing an additional 589 shares during the last quarter. Finally, Anchor Capital Management Company LLC grew its position in shares of Patrick Industries by 18.0% during the 2nd quarter. Anchor Capital Management Company LLC now owns 146,088 shares of the construction company’s stock worth $15,858,000 after buying an additional 22,279 shares during the period. 93.29% of the stock is currently owned by institutional investors.

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.