Patrick Industries, Inc. (NASDAQ:PATK) PT Raised to $93.00 at Bank of America Corporation

Patrick Industries, Inc. (NASDAQ:PATK) had its target price upped by Bank of America Corporation from $85.00 to $93.00 in a research report sent to investors on Tuesday, October 24th. They currently have a buy rating on the construction company’s stock.

A number of other research analysts have also weighed in on PATK. Zacks Investment Research raised Patrick Industries from a hold rating to a buy rating and set a $77.00 price target on the stock in a research note on Tuesday, August 22nd. Robert W. Baird reissued a buy rating on shares of Patrick Industries in a research report on Thursday, October 12th. Finally, BidaskClub lowered Patrick Industries from a buy rating to a hold rating in a research report on Saturday, July 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $84.50.

Patrick Industries (PATK) opened at $87.40 on Tuesday. The stock has a market capitalization of $1,470.24, a PE ratio of 20.00, a PEG ratio of 1.83 and a beta of 0.99. Patrick Industries has a 1 year low of $59.55 and a 1 year high of $96.25. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.72.

Patrick Industries’s stock is scheduled to split before the market opens on Monday, December 11th. The 3-2 split was announced on Thursday, November 9th. The newly issued shares will be payable to shareholders after the market closes on Friday, December 8th.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 26th. The construction company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.15. The business had revenue of $407.50 million for the quarter, compared to analysts’ expectations of $371.98 million. Patrick Industries had a return on equity of 24.60% and a net margin of 4.73%. The company’s revenue was up 34.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 EPS. equities research analysts predict that Patrick Industries will post 4.53 earnings per share for the current year.

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In other Patrick Industries news, CEO Todd M. Cleveland sold 1,435 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $74.47, for a total value of $106,864.45. Following the transaction, the chief executive officer now owns 390,792 shares in the company, valued at $29,102,280.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jeffrey L. Et Al Gendell sold 26,058 shares of Patrick Industries stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $85.70, for a total transaction of $2,233,170.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 230,546 shares of company stock worth $19,248,750. Corporate insiders own 6.20% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. lifted its position in Patrick Industries by 13.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after acquiring an additional 168 shares during the last quarter. Pinebridge Investments L.P. lifted its position in Patrick Industries by 10.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock worth $153,000 after acquiring an additional 191 shares during the last quarter. Pacad Investment Ltd. increased its holdings in shares of Patrick Industries by 76.9% during the 2nd quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock worth $168,000 after purchasing an additional 1,000 shares during the period. Advisor Group Inc. increased its stake in Patrick Industries by 12.1% in the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock valued at $168,000 after acquiring an additional 247 shares during the period. Finally, UBS Asset Management Americas Inc. bought a new stake in Patrick Industries in the second quarter valued at about $202,000. 90.03% of the stock is owned by institutional investors and hedge funds.

About Patrick Industries

Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.

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