BMO Capital Markets Has Lowered Expectations for Patrick Industries (NASDAQ:PATK) Stock Price

Patrick Industries (NASDAQ:PATK) had its price objective lowered by research analysts at BMO Capital Markets from $120.00 to $100.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the construction company’s stock. BMO Capital Markets’ target price suggests a potential upside of 55.69% from the company’s current price.

Several other analysts have also recently issued reports on the company. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. KeyCorp reduced their price target on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, October 8th. Truist Financial set a $108.00 price target on shares of Patrick Industries and gave the company a “buy” rating in a research report on Monday, August 10th. Northcoast Research set a $121.00 price target on shares of Patrick Industries and gave the company a “buy” rating in a research report on Tuesday, September 1st. Finally, Roth Capital set a $114.00 price objective on shares of Patrick Industries in a report on Friday, July 31st. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $106.78.

Patrick Industries Price Performance

PATK traded up $0.03 during trading on Tuesday, reaching $64.23. The company’s stock had a trading volume of 177,382 shares, compared to its average volume of 509,793. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 15.23 and a beta of 1.16. The firm has a fifty day simple moving average of $77.10 and a two-hundred day simple moving average of $87.91. Patrick Industries has a 1 year low of $63.00 and a 1 year high of $148.50. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. During the same period in the prior year, the business earned $1.50 earnings per share. The business’s revenue was down .6% compared to the same quarter last year. As a group, analysts anticipate that Patrick Industries will post 4.17 EPS for the current year.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently modified their holdings of PATK. Bank of New York Mellon Corp purchased a new stake in Patrick Industries in the 2nd quarter valued at about $65,138,000. Copeland Capital Management LLC increased its position in shares of Patrick Industries by 17.6% during the first quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company’s stock valued at $62,589,000 after acquiring an additional 84,508 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Patrick Industries during the second quarter valued at about $30,646,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Patrick Industries during the second quarter valued at about $27,166,000. Finally, Lodge Hill Capital LLC raised its stake in shares of Patrick Industries by 13.9% in the 1st quarter. Lodge Hill Capital LLC now owns 205,000 shares of the construction company’s stock valued at $22,769,000 after acquiring an additional 25,000 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty products.