Patrick Industries (NASDAQ:PATK) Stock Rating Upgraded by StockNews.com

Patrick Industries (NASDAQ:PATK) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

PATK has been the topic of a number of other research reports. Benchmark reissued a “buy” rating and issued a $96.67 price target on shares of Patrick Industries in a research note on Monday, November 4th. BMO Capital Markets increased their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. Raymond James cut their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Truist Financial increased their price target on Patrick Industries from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, KeyCorp increased their price target on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $93.25.

Patrick Industries Stock Performance

Patrick Industries stock opened at $82.13 on Wednesday. The company has a market cap of $2.76 billion, a PE ratio of 11.80, a PEG ratio of 1.69 and a beta of 2.20. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. Patrick Industries has a 1 year low of $60.67 and a 1 year high of $98.90. The company’s 50-day moving average is $86.91 and its two-hundred day moving average is $85.37.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. During the same quarter in the prior year, the company earned $1.21 earnings per share. The company’s quarterly revenue was up 6.2% on a year-over-year basis. Equities analysts anticipate that Patrick Industries will post 6.43 earnings per share for the current year.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 364,678 shares in the company, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. bought a new position in Patrick Industries during the 2nd quarter worth about $41,000. Sound Income Strategies LLC bought a new position in shares of Patrick Industries in the 3rd quarter valued at about $46,000. GAMMA Investing LLC grew its holdings in shares of Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after acquiring an additional 205 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after acquiring an additional 362 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Patrick Industries by 21.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after acquiring an additional 139 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.