Patrick Industries (NASDAQ:PATK – Get Free Report) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.
A number of other equities research analysts have also weighed in on the company. BMO Capital Markets initiated coverage on Patrick Industries in a research report on Thursday, December 7th. They set an “outperform” rating and a $105.00 target price for the company. KeyCorp boosted their price target on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Roth Mkm boosted their price target on Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Finally, Truist Financial boosted their price target on Patrick Industries from $95.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average target price of $102.29.
Patrick Industries Trading Up 2.2 %
PATK traded up $2.50 during trading hours on Thursday, reaching $116.54. 177,979 shares of the company’s stock traded hands, compared to its average volume of 182,740. The firm has a 50-day moving average price of $108.27 and a 200 day moving average price of $91.79. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $123.58. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $2.61 billion, a PE ratio of 17.90 and a beta of 1.73.
Patrick Industries (NASDAQ:PATK – Get Free Report) last posted its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.10. The company had revenue of $781.20 million during the quarter, compared to analysts’ expectations of $780.97 million. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. Patrick Industries’s revenue was down 17.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.82 EPS. As a group, sell-side analysts predict that Patrick Industries will post 7.84 EPS for the current fiscal year.
Insider Buying and Selling at Patrick Industries
In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the sale, the director now directly owns 8,553 shares in the company, valued at $948,271.11. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the transaction, the director now directly owns 8,553 shares of the company’s stock, valued at $948,271.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the sale, the insider now directly owns 101,316 shares in the company, valued at $12,359,538.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,873 shares of company stock worth $5,681,957. 6.80% of the stock is owned by insiders.
Institutional Trading of Patrick Industries
Several hedge funds and other institutional investors have recently bought and sold shares of PATK. Price T Rowe Associates Inc. MD grew its holdings in Patrick Industries by 19.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 250,481 shares of the construction company’s stock valued at $25,137,000 after purchasing an additional 40,684 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in Patrick Industries in the fourth quarter valued at approximately $150,000. GSA Capital Partners LLP acquired a new stake in Patrick Industries in the fourth quarter valued at approximately $518,000. Voya Investment Management LLC grew its holdings in Patrick Industries by 75.1% in the fourth quarter. Voya Investment Management LLC now owns 236,266 shares of the construction company’s stock valued at $23,709,000 after purchasing an additional 101,368 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in Patrick Industries by 1.0% in the fourth quarter. Nuveen Asset Management LLC now owns 57,632 shares of the construction company’s stock valued at $5,783,000 after purchasing an additional 575 shares during the period. 93.18% of the stock is owned by institutional investors and hedge funds.
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.