Patrick Industries (NASDAQ:PATK) Given New $140.00 Price Target at KeyCorp

Patrick Industries (NASDAQ:PATK) had its price objective cut by KeyCorp from $155.00 to $140.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the construction company’s stock. KeyCorp’s price target points to a potential upside of 17.77% from the stock’s current price.

PATK has been the subject of several other research reports. Benchmark restated a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Wall Street Zen upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. BMO Capital Markets restated an “outperform” rating and issued a $155.00 target price on shares of Patrick Industries in a report on Friday, February 6th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $157.00 price objective on shares of Patrick Industries in a research note on Monday, February 9th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $133.25.

Patrick Industries Trading Down 1.8%

Patrick Industries stock opened at $118.88 on Thursday. Patrick Industries has a 1 year low of $73.08 and a 1 year high of $148.50. The firm’s 50 day moving average price is $123.41 and its 200-day moving average price is $113.78. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The stock has a market cap of $3.94 billion, a P/E ratio of 30.71 and a beta of 1.35.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. Patrick Industries’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 EPS. On average, equities analysts predict that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director M Scott Welch acquired 10,000 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was bought at an average cost of $113.68 per share, for a total transaction of $1,136,800.00. Following the purchase, the director owned 146,000 shares in the company, valued at approximately $16,597,280. This represents a 7.35% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Hugo E. Gonzalez sold 13,514 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $113.10, for a total transaction of $1,528,433.40. Following the completion of the transaction, the chief operating officer directly owned 33,864 shares in the company, valued at $3,830,018.40. This trade represents a 28.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders acquired 11,110 shares of company stock worth $1,289,895 and sold 20,121 shares worth $2,477,337. 4.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Patrick Industries

Large investors have recently added to or reduced their stakes in the stock. Torren Management LLC purchased a new stake in Patrick Industries in the 4th quarter valued at $26,000. Advisory Services Network LLC acquired a new position in shares of Patrick Industries during the 3rd quarter valued at about $25,000. Salomon & Ludwin LLC acquired a new position in shares of Patrick Industries during the 3rd quarter valued at about $25,000. Cornerstone Planning Group LLC acquired a new position in shares of Patrick Industries during the 3rd quarter valued at about $31,000. Finally, Allworth Financial LP grew its holdings in shares of Patrick Industries by 181.3% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after purchasing an additional 203 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.