StockNews.com Upgrades Patrick Industries (NASDAQ:PATK) to Hold

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

A number of other brokerages have also weighed in on PATK. BMO Capital Markets boosted their price target on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. KeyCorp boosted their target price on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Truist Financial raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Raymond James lowered their price target 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 reissued a “buy” rating and issued a $96.67 price objective on shares of Patrick Industries in a report on Monday, November 4th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $93.25.

Patrick Industries Trading Up 0.4 %

NASDAQ PATK opened at $83.08 on Wednesday. The firm has a market cap of $2.79 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 1.69 and a beta of 2.20. Patrick Industries has a 52 week low of $60.67 and a 52 week high of $98.90. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The company has a 50 day moving average price of $87.20 and a 200 day moving average price of $85.41.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter in the prior year, the company posted $1.21 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, sell-side analysts forecast that Patrick Industries will post 6.43 EPS for the current fiscal year.

Insider Activity

In other news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the sale, the chief executive officer now directly owns 364,678 shares in the company, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently bought and sold shares of the business. Assetmark Inc. raised its stake in shares of Patrick Industries by 1,589.0% during the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after buying an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC raised its position in Patrick Industries by 35.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after acquiring an additional 25,556 shares during the period. Fiera Capital Corp acquired a new position in Patrick Industries during the third quarter worth $27,888,000. Argent Capital Management LLC grew its position in shares of Patrick Industries by 758.4% in the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after purchasing an additional 133,413 shares during the period. Finally, Public Sector Pension Investment Board increased its stake in shares of Patrick Industries by 8.7% during the second quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after purchasing an additional 3,705 shares in the last quarter. Hedge funds and other 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.