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

StockNews.com cut shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.

A number of other research analysts have also recently weighed in on PATK. Truist Financial boosted their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. KeyCorp boosted their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Benchmark reaffirmed a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a report on Monday, November 4th. BMO Capital Markets upped their target price on shares of Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Raymond James decreased their target price on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

Patrick Industries Trading Down 0.6 %

Shares of NASDAQ:PATK traded down $0.79 during mid-day trading on Thursday, reaching $130.37. 70,150 shares of the company’s stock were exchanged, compared to its average volume of 188,307. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 1.40 and a beta of 1.62. The business’s fifty day moving average price is $136.35 and its 200-day moving average price is $123.08. 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 has a twelve month low of $80.62 and a twelve month high of $148.35.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. During the same period last year, the firm posted $1.81 earnings per share. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, research analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Insider Transactions at Patrick Industries

In other news, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The trade was a 8.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The trade was a 7.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock worth $3,858,915 over the last three months. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

A number of large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its position in shares of Patrick Industries by 52.4% in the 1st quarter. BNP Paribas Financial Markets now owns 11,163 shares of the construction company’s stock worth $1,334,000 after buying an additional 3,837 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Patrick Industries by 21.1% in the 1st quarter. Russell Investments Group Ltd. now owns 14,302 shares of the construction company’s stock worth $1,709,000 after buying an additional 2,492 shares during the last quarter. Avantax Advisory Services Inc. purchased a new stake in Patrick Industries during the 1st quarter worth approximately $326,000. ProShare Advisors LLC grew its position in Patrick Industries by 6.5% during the 1st quarter. ProShare Advisors LLC now owns 4,254 shares of the construction company’s stock worth $508,000 after purchasing an additional 258 shares during the last quarter. Finally, PAX Financial Group LLC purchased a new stake in Patrick Industries during the 1st quarter worth approximately $704,000. 93.29% of the stock is 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.