Patrick Industries, Inc. (PATK) Given Consensus Recommendation of “Hold” by Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given a consensus recommendation of “Hold” by the eight ratings firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $59.50.

Several equities analysts have recently commented on the company. ValuEngine upgraded Patrick Industries from a “strong sell” rating to a “sell” rating in a research report on Saturday. Bank of America assumed coverage on Patrick Industries in a research report on Tuesday, March 26th. They set a “buy” rating and a $53.00 price objective on the stock. TheStreet upgraded Patrick Industries from a “c+” rating to a “b-” rating in a research report on Monday, March 18th. Zacks Investment Research upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, March 13th. Finally, BidaskClub lowered Patrick Industries from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th.

In related news, Director Walter E. Wells sold 1,000 shares of the stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $45.34, for a total transaction of $45,340.00. Following the completion of the sale, the director now directly owns 60,030 shares in the company, valued at approximately $2,721,760.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.60% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. American Century Companies Inc. boosted its holdings in Patrick Industries by 65.4% during the 4th quarter. American Century Companies Inc. now owns 148,769 shares of the construction company’s stock valued at $4,405,000 after acquiring an additional 58,809 shares during the period. Geode Capital Management LLC lifted its holdings in Patrick Industries by 7.8% in the 4th quarter. Geode Capital Management LLC now owns 264,905 shares of the construction company’s stock worth $7,843,000 after buying an additional 19,111 shares during the period. Norges Bank purchased a new stake in Patrick Industries in the 4th quarter worth approximately $7,140,000. Financial Advocates Investment Management lifted its holdings in Patrick Industries by 150,608.1% in the 4th quarter. Financial Advocates Investment Management now owns 55,762 shares of the construction company’s stock worth $2,632,000 after buying an additional 55,725 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Patrick Industries by 5.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,074,342 shares of the construction company’s stock worth $31,812,000 after buying an additional 51,096 shares during the period. Institutional investors own 89.51% of the company’s stock.

Shares of Patrick Industries stock opened at $45.32 on Monday. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.71 and a current ratio of 2.44. The stock has a market cap of $1.08 billion, a PE ratio of 9.75, a PEG ratio of 0.84 and a beta of 1.92. Patrick Industries has a 12 month low of $27.32 and a 12 month high of $67.50.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 14th. The construction company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.75 by $0.21. The firm had revenue of $531.00 million for the quarter, compared to analyst estimates of $519.00 million. Patrick Industries had a return on equity of 28.26% and a net margin of 5.30%. The company’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.87 EPS. Research analysts forecast that Patrick Industries will post 4.77 EPS for the current year.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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