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

Patrick Industries (NASDAQ:PATK)‘s stock had its “neutral” rating reiterated by equities researchers at Robert W. Baird in a research report issued on Friday, MarketBeat Ratings reports. They currently have a $96.00 price target on the construction company’s stock, down from their prior price target of $100.00. Robert W. Baird’s price target indicates a potential upside of 22.14% from the stock’s current price.

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

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $78.60 on Friday. Patrick Industries has a 52 week low of $67.72 and a 52 week high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The stock has a market cap of $2.64 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. The company’s 50-day moving average price is $89.94 and its two-hundred day moving average price is $89.66.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) 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%. As a group, sell-side analysts anticipate that Patrick Industries will post 5.33 EPS for the current fiscal year.

Insider Buying and Selling

In related 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, with a total value of $211,550.00. Following the completion of the transaction, the director now directly owns 2,961 shares of the company’s stock, valued at approximately $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the 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 transaction, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. This represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors have recently modified their holdings of the company. Kestra Investment Management LLC acquired a new position in Patrick Industries during the 4th quarter worth $25,000. Covestor Ltd boosted 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 purchasing an additional 312 shares during the period. Quadrant Capital Group LLC grew its holdings in Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after buying an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in 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 buying an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC boosted its position in shares of Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after acquiring an additional 528 shares during the period. 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.