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

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

PATK has been the subject of several other reports. BMO Capital Markets raised their price target on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, November 1st. KeyCorp boosted their target price on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Robert W. Baird upped their target price on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Truist Financial lifted their price target on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, DA Davidson upped their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. One 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. Based on data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $139.88.

Patrick Industries Trading Down 2.0 %

Shares of PATK stock opened at $128.50 on Thursday. Patrick Industries has a 1 year low of $80.62 and a 1 year high of $148.35. The company’s fifty day simple moving average is $136.41 and its two-hundred day simple moving average is $123.23. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 1.40 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. During the same quarter in the prior year, the business earned $1.81 EPS. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, analysts anticipate that Patrick Industries will post 6.43 earnings per share for the current year.

Insider Buying and Selling at Patrick Industries

In other news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The trade was a 12.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. This trade represents a 7.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 over the last ninety days. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. bought a new stake in Patrick Industries in the 2nd quarter worth $41,000. Sound Income Strategies LLC bought a new stake in shares of Patrick Industries in the third quarter worth about $46,000. GAMMA Investing LLC increased its holdings in Patrick Industries by 76.2% during the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after purchasing an additional 205 shares during the period. UMB Bank n.a. raised its position in Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after purchasing an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in Patrick Industries by 21.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after buying an additional 139 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.