Patrick Industries (NASDAQ:PATK) Rating Increased to Hold at StockNews.com

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

Other equities analysts have also recently issued research reports about the company. Raymond James reduced their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a report on Friday, November 1st. BMO Capital Markets lifted 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. Benchmark reiterated a “buy” rating and set a $96.67 price target on shares of Patrick Industries in a report on Monday, November 4th. KeyCorp raised their price objective 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. Finally, Truist Financial raised their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $93.25.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $82.13 on Wednesday. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.69 and a beta of 2.20. The business has a 50-day moving average of $86.91 and a 200-day moving average of $85.37. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. Patrick Industries has a fifty-two week low of $60.67 and a fifty-two week high of $98.90.

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

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was 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 directly owns 364,678 shares in the company, valued at approximately $34,192,209.28. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 4.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

Institutional investors have recently made changes to their positions in the stock. Assetmark Inc. boosted its stake in shares of Patrick Industries by 1,589.0% in the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after buying an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Patrick Industries by 35.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after buying an additional 25,556 shares during the period. Fiera Capital Corp bought a new stake in shares of Patrick Industries in the third quarter valued at approximately $27,888,000. Argent Capital Management LLC lifted its stake in Patrick Industries by 758.4% during 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, Public Sector Pension Investment Board lifted its stake in 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 during the last quarter. 93.29% of the stock is currently owned by 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.