Patrick Industries (NASDAQ:PATK) Downgraded to Sell Rating by StockNews.com

Patrick Industries (NASDAQ:PATK) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Tuesday.

A number of other analysts have also recently commented on the stock. KeyCorp upped their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. BMO Capital Markets increased their price target on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. Truist Financial raised their price target on Patrick Industries from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Raymond James decreased their price objective on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, Benchmark restated a “buy” rating and set a $96.67 target price on shares of Patrick Industries in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $93.25.

Patrick Industries Price Performance

Patrick Industries stock opened at $83.00 on Tuesday. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $2.79 billion, a P/E ratio of 11.92, a PEG ratio of 1.69 and a beta of 2.20. The business has a 50-day moving average of $88.59 and a 200-day moving average of $84.85. Patrick Industries has a 1 year low of $60.67 and a 1 year high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). The firm had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.21 EPS. On average, equities analysts anticipate that Patrick Industries will post 6.43 EPS for the current year.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 30,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the transaction, the chief executive officer now directly owns 379,678 shares of the company’s stock, valued at approximately $34,171,020. This represents a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

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

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.