Patrick Industries (PATK) Lifted to Sell at ValuEngine

ValuEngine upgraded shares of Patrick Industries (NASDAQ:PATK) from a strong sell rating to a sell rating in a research note issued to investors on Saturday, March 30th, ValuEngine reports.

Several other research analysts also recently weighed in on the stock. TheStreet upgraded shares of Patrick Industries from a c+ rating to a b- rating in a research report on Monday, March 18th. Bank of America started coverage on Patrick Industries in a research note on Tuesday, March 26th. They set a buy rating and a $53.00 target price for the company. BidaskClub lowered Patrick Industries from a strong-buy rating to a buy rating in a research report on Thursday, March 7th. Zacks Investment Research upgraded Patrick Industries from a sell rating to a hold rating in a research report on Wednesday, March 13th. Finally, Wells Fargo & Co lifted their target price on Patrick Industries from $30.00 to $49.00 and gave the company a market perform rating in a report on Wednesday, February 27th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Patrick Industries has a consensus rating of Buy and a consensus price target of $58.60.

NASDAQ:PATK traded up $0.17 during trading hours on Friday, reaching $55.42. The company’s stock had a trading volume of 442,279 shares, compared to its average volume of 278,251. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 12.00, a price-to-earnings-growth ratio of 1.03 and a beta of 1.91. The company has a quick ratio of 0.71, a current ratio of 2.44 and a debt-to-equity ratio of 1.52. 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 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 5.30% and a return on equity of 28.26%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.87 earnings per share. On average, sell-side analysts expect that Patrick Industries will post 4.77 EPS for the current year.

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

Several large investors have recently made changes to their positions in PATK. Essex Investment Management Co. LLC lifted its stake in Patrick Industries by 26.0% in the 4th quarter. Essex Investment Management Co. LLC now owns 59,964 shares of the construction company’s stock valued at $1,776,000 after buying an additional 12,362 shares in the last quarter. Hsbc Holdings PLC increased its stake in shares of Patrick Industries by 127.7% during the third quarter. Hsbc Holdings PLC now owns 22,066 shares of the construction company’s stock valued at $1,304,000 after acquiring an additional 12,377 shares during the period. State of New Jersey Common Pension Fund D increased its stake in shares of Patrick Industries by 1.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 580,000 shares of the construction company’s stock valued at $17,174,000 after acquiring an additional 10,000 shares during the period. Janus Henderson Group PLC acquired a new position in shares of Patrick Industries during the third quarter valued at approximately $238,000. Finally, Vanguard Group Inc boosted its holdings in Patrick Industries by 1.4% during the third quarter. Vanguard Group Inc now owns 1,386,725 shares of the construction company’s stock worth $82,094,000 after buying an additional 19,460 shares in the last quarter. 89.51% of the stock is currently owned by institutional investors and hedge funds.

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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