Patrick Industries, Inc. (NASDAQ:PATK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, October 26th. The firm currently has a $96.00 price objective on the construction company’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.22% from the company’s previous close.
According to Zacks, “PATRICK INDUSTRIES, INC. is a manufacturer and supplier of building products and materials to the manufactured housing and recreational vehicle industries. In addition, they are expanding as a supplier to certain other industrial markets, such as furniture manufacturing, marine and the automotive aftermarket. They manufacture decorative vinyl and paper panels, cabinet doors, countertops, aluminum extrusions, drawer sides and wood adhesives. “
Several other equities analysts have also commented on PATK. Bank of America Corporation upped their price objective on shares of Patrick Industries from $85.00 to $93.00 and gave the stock a “buy” rating in a report on Tuesday, October 24th. Robert W. Baird reiterated a “buy” rating on shares of Patrick Industries in a report on Thursday, October 12th. Finally, BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $84.50.
Patrick Industries (NASDAQ:PATK) traded down $0.30 on Thursday, hitting $87.10. 153,400 shares of the company traded hands, compared to its average volume of 120,558. Patrick Industries has a 52-week low of $60.00 and a 52-week high of $96.25. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.00 and a current ratio of 2.23. The firm has a market cap of $1,470.23, a P/E ratio of 20.00, a PEG ratio of 1.83 and a beta of 0.99.
Patrick Industries shares are set to split on the morning of Monday, December 11th. The 3-2 split was announced on Thursday, November 9th. The newly created shares will be payable to shareholders after the closing bell on Friday, December 8th.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, October 26th. The construction company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.15. Patrick Industries had a net margin of 4.73% and a return on equity of 24.60%. The company had revenue of $407.50 million during the quarter, compared to analysts’ expectations of $371.98 million. During the same quarter in the prior year, the company earned $0.79 EPS. Patrick Industries’s revenue was up 34.0% compared to the same quarter last year. sell-side analysts expect that Patrick Industries will post 4.53 earnings per share for the current year.
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In related news, CEO Todd M. Cleveland sold 1,435 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $74.47, for a total value of $106,864.45. Following the completion of the sale, the chief executive officer now owns 390,792 shares in the company, valued at $29,102,280.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul E. Hassler sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $75.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now owns 52,811 shares of the company’s stock, valued at approximately $3,960,825. The disclosure for this sale can be found here. Insiders have sold a total of 230,546 shares of company stock worth $19,248,750 over the last three months. 6.20% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Ameritas Investment Partners Inc. grew its stake in Patrick Industries by 13.4% during the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after buying an additional 168 shares during the period. Pinebridge Investments L.P. lifted its position in shares of Patrick Industries by 10.0% during the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock worth $153,000 after purchasing an additional 191 shares in the last quarter. Pacad Investment Ltd. lifted its position in shares of Patrick Industries by 76.9% during the second 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 in the last quarter. Advisor Group Inc. lifted its position in shares of Patrick Industries by 12.1% during the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock worth $168,000 after purchasing an additional 247 shares in the last quarter. Finally, UBS Asset Management Americas Inc. acquired a new position in shares of Patrick Industries during the second quarter worth $202,000. Institutional investors own 89.68% of the company’s stock.
Patrick Industries Company Profile
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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