Patrick Industries (NASDAQ:PATK) Upgraded by Northcoast Research to “Strong-Buy” Rating

Patrick Industries (NASDAQ:PATK) was upgraded by investment analysts at Northcoast Research to a “strong-buy” rating in a note issued to investors on Tuesday, Zacks reports.

A number of other equities analysts have also recently issued reports on the stock. Weiss Ratings cut shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. KeyCorp cut their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Benchmark restated a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Raymond James Financial reiterated an “outperform” rating and issued a $94.00 price objective on shares of Patrick Industries in a report on Friday, July 31st. Finally, Truist Financial set a $108.00 price objective on Patrick Industries and gave the stock a “buy” rating in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

Patrick Industries Stock Performance

Shares of PATK stock opened at $81.30 on Tuesday. The company has a market capitalization of $2.61 billion, a P/E ratio of 19.27 and a beta of 1.11. Patrick Industries has a fifty-two week low of $80.76 and a fifty-two week high of $148.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The stock has a 50 day moving average price of $85.94 and a two-hundred day moving average price of $98.56.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $994.95 million. During the same quarter last year, the business earned $1.50 earnings per share. The business’s revenue was down .6% on a year-over-year basis. Analysts expect that Patrick Industries will post 4.26 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Persistent Asset Partners Ltd bought a new position in shares of Patrick Industries in the 2nd quarter worth approximately $25,000. Advisory Services Network LLC bought a new stake in shares of Patrick Industries during the third quarter valued at approximately $25,000. Allworth Financial LP grew its stake in Patrick Industries by 181.2% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after purchasing an additional 203 shares during the period. Farther Finance Advisors LLC raised its holdings in Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after purchasing an additional 229 shares in the last quarter. Finally, Strs Ohio bought a new position in Patrick Industries in the first quarter worth $42,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.