Wall Street Zen Upgrades Patrick Industries (NASDAQ:PATK) to “Buy”

Patrick Industries (NASDAQ:PATK) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Several other brokerages also recently weighed in on PATK. Truist Financial set a $126.00 price target on Patrick Industries in a report on Friday, January 9th. Robert W. Baird set a $140.00 price target on shares of Patrick Industries in a research note on Friday, February 6th. BMO Capital Markets reissued an “outperform” rating and set a $155.00 price objective on shares of Patrick Industries in a research report on Friday, February 6th. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Finally, Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $135.13.

Patrick Industries Stock Performance

Shares of PATK opened at $114.54 on Friday. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. The business’s 50 day moving average price is $124.25 and its 200-day moving average price is $113.64. Patrick Industries has a 52 week low of $72.99 and a 52 week high of $148.50. The stock has a market cap of $3.79 billion, a P/E ratio of 29.29 and a beta of 1.35.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million during the quarter, compared to analyst estimates of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the company earned $0.52 EPS. Equities research analysts anticipate that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Patrick Industries news, COO Hugo E. Gonzalez sold 13,514 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $113.10, for a total value of $1,528,433.40. Following the completion of the transaction, the chief operating officer owned 33,864 shares of the company’s stock, valued at approximately $3,830,018.40. The trade was a 28.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Matthew S. Filer bought 1,000 shares of the stock in a transaction on Friday, February 6th. The shares were bought at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the purchase, the chief accounting officer directly owned 20,614 shares in the company, valued at approximately $2,884,104.74. This trade represents a 5.10% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 11,110 shares of company stock worth $1,289,895 and sold 20,121 shares worth $2,477,337. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PATK. Torren Management LLC purchased a new stake in Patrick Industries in the fourth quarter worth approximately $26,000. Advisory Services Network LLC purchased a new stake in Patrick Industries during the 3rd quarter valued at $25,000. Salomon & Ludwin LLC bought a new position in shares of Patrick Industries during the 3rd quarter valued at $25,000. Cornerstone Planning Group LLC bought a new position in shares of Patrick Industries during the 3rd quarter valued at $31,000. Finally, Allworth Financial LP boosted its stake in shares of Patrick Industries by 181.3% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after buying an additional 203 shares during the last quarter. 93.29% of the stock is 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.