StockNews.com Downgrades Patrick Industries (NASDAQ:PATK) to Sell

Patrick Industries (NASDAQ:PATK) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

Several other equities analysts have also weighed in on the stock. BMO Capital Markets upped their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark reiterated a “buy” rating and issued a $96.67 price target on shares of Patrick Industries in a report on Monday, November 4th. KeyCorp boosted their price objective on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Truist Financial lowered their target price on Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Finally, Raymond James reduced their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and a consensus target price of $92.63.

Patrick Industries Price Performance

Shares of PATK opened at $92.72 on Thursday. The firm has a market cap of $3.12 billion, a PE ratio of 19.98, a price-to-earnings-growth ratio of 1.25 and a beta of 2.26. Patrick Industries has a 52-week low of $63.52 and a 52-week high of $98.90. The business’s 50 day moving average price is $87.15 and its two-hundred day moving average price is $86.46. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41.

Patrick Industries (NASDAQ:PATK) last released 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). The company had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.21 EPS. On average, equities analysts anticipate that Patrick Industries will post 4.28 EPS for the current year.

Insider Buying and Selling at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the sale, the chief executive officer now owns 364,678 shares in the company, valued at $34,192,209.28. This represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its position in shares of Patrick Industries by 20.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after buying an additional 221,904 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Patrick Industries during the second quarter valued at approximately $22,460,000. Fiera Capital Corp bought a new stake in Patrick Industries during the third quarter worth $27,888,000. Argent Capital Management LLC boosted its position in Patrick Industries by 758.4% in the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares during the last quarter. Finally, Brightline Capital Management LLC purchased a new position in Patrick Industries in the third quarter worth $14,806,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

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.