August 30, 2023 – According to Bloomberg, Patrick Industries, Inc. (NASDAQ:PATK) currently holds a consensus rating of “Moderate Buy” from seven analysts who are covering the company. Among these analysts, one has rated the stock as a sell, one has assigned a hold rating, and five have issued a buy rating for the company. The average target price for the next 12 months among these analysts is $85.33.
In recent news, President Jeff Rodino made a significant stock transaction on Tuesday, July 18th. He sold 5,000 shares of the company’s stock at an average price of $85.00 per share, resulting in a total value of $425,000.00. Following this transaction, President Rodino now directly owns 151,933 shares of Patrick Industries’ stock valued at $12,914,305. This transaction was disclosed in a filing with the Securities and Exchange Commission (SEC) and can be accessed through this hyperlink.
Furthermore, President Jeff Rodino also sold an additional 5,000 shares of the company’s stock on July 18th at an average price of $85.00 per share for a total value of $425,000.00. After this transaction was completed, President Rodino now holds 151,933 shares directly valued at $12,914,305. The sale was also disclosed in a filing with the SEC and is available on their website.
Additionally revealed in insider transactions is that COO Kip B. Ellis sold 13,600 shares of Patrick Industries’ stock on June 13th at an average price of $78.69 per share for a total value of $1,0701840,. After completing this transaction, COO Ellis now directly owns 119780 shares valued at$9 ,425 ,488 .20 . Further details about this sale can be found here. Over the past three months, insiders have sold 46,100 shares of company stock with a total value of $3,647,934. Corporate insiders currently own 6.80% of the company’s stock.
In their most recent quarterly earnings report on July 27th, Patrick Industries (NASDAQ:PATK) announced earnings per share (EPS) of $1.94 for the quarter, surpassing analysts’ consensus estimate of $1.89 by $0.05. The construction company recorded a return on equity (ROE) of 18.08% and a net margin of 4.42%. Patrick Industries generated revenue amounting to $920.69 million for the quarter, compared to analyst expectations of $979.40 million.
Analysts anticipate that Patrick Industries will achieve an EPS of 6.79 for the current year based on their average estimates.
To stay updated with the latest stock information regarding Patrick Industries (PATK), please refer to our Stock Report on PATK.
Reference:
Bloomberg- www.bloomberg.com
SEC filing: www.sec.gov
Patrick Industries, Inc.
PATK
Strong Buy
Updated on: 30/08/2023
Attention and Analysis: Patrick Industries’ Stock Performance, Analyst Ratings, and Institutional Investors
In recent months, Patrick Industries, a construction company listed on the NASDAQ exchange under the ticker symbol PATK, has caught the attention of several equities research analysts. The analysts have provided various insights and target prices for the company based on their assessments.
Robert W. Baird, for instance, raised its target price for Patrick Industries from $85.00 to $95.00 and bestowed upon the company an “outperform” rating in a research report dated July 28th. Similarly, Bank of America upped its target price from $63.00 to $75.00 but assigned an “underperform” rating on August 7th. DA Davidson also increased its target price from $75.00 to $81.00 but maintained a “neutral” rating in its August 1st report.
Another notable analyst firm, Truist Financial, raised its price target to $100.00 and gave Patrick Industries a “buy” rating on July 14th after raising the previous target of $80.00. Lastly, KeyCorp raised its price target as well, moving it from $90.00 to $95.00 while giving the stock an “overweight” rating in a report published on July 31st.
Meanwhile, large institutional investors have been making adjustments to their positions in Patrick Industries’ stock during this time period too. Tower Research Capital LLC TRC significantly increased its holdings by 129.6% during the first quarter; they now own 489 shares valued at around $34,000 after acquiring an additional 276 shares.
Federated Hermes Inc., another institutional investor, took note and raised its position by 37.3%, bringing their total shares to 751 valued at approximately $52,000 by the end of the first quarter.
It is worth mentioning that Gyon Technologies Capital Management LP entered into a position with Patrick Industries during Q4 of last year, purchasing shares worth $48,000. Dark Forest Capital Management LP also made its presence known in the Q4 of 2022 by acquiring shares valued at $62,000.
Moreover, Harel Insurance Investments & Financial Services Ltd., a leading insurance provider, joined the group of investors in the second quarter of this year. Their stake was valued at $88,000.
As for the company’s performance on the stock market itself, Patrick Industries opened on Tuesday at $80.74 per share on the NASDAQ exchange. Over the past 50 days, its average moving price stood at $81.49 per share; and over a two-hundred-day period, it averaged $74.06.
In terms of its trading range over the past year, Patrick Industries had a low of $41.75 and reached a high of $87.36.
The company currently boasts a market capitalization of approximately $1.79 billion with a price-to-earnings ratio (PE) standing at 10.91 and a price-to-earnings-growth (PEG) ratio of 3.90.
Furthermore, Patrick Industries has demonstrated a beta value of 1.92, indicating that it is more volatile than the overall market.
On the balance sheet side, the company possesses a current ratio of 2.71 and quick ratio of 0.91 to ensure sufficient liquidity for its operations.
Additionally, Patrick Industries maintains a debt-to-equity ratio of 1.22 to finance its growth initiatives and manage risk.
In conclusion, as we approach the end of August in 2023, Patrick Industries has garnered attention from multiple equities research analysts who have provided their insights and target prices for potential investors to consider.
Furthermore, institutional investors have been adjusting their positions in this construction company’s stock as they assess its potential for growth.
Lastly, coming in at an opening price of $80.74 per share on the NASDAQ, Patrick Industries has demonstrated a diverse and fluctuating trading range over the past year. With a market capitalization of $1.79 billion, the company showcases sound liquidity and its financial leverage in line with industry standards.
