Patrick Industries (NASDAQ:PATK) Downgraded to Strong Sell at BidaskClub

BidaskClub lowered shares of Patrick Industries (NASDAQ:PATK) from a sell rating to a strong sell rating in a report released on Friday, BidAskClub reports.

Several other brokerages have also recently commented on PATK. Zacks Investment Research raised shares of Patrick Industries from a sell rating to a hold rating in a research note on Thursday, August 8th. Bank of America lowered shares of Patrick Industries from a buy rating to an underperform rating and set a $52.00 target price for the company. in a research report on Friday, April 26th. They noted that the move was a valuation call. ValuEngine lowered shares of Patrick Industries from a hold rating to a sell rating in a research report on Friday, April 26th. Finally, TheStreet lowered shares of Patrick Industries from a b- rating to a c+ rating in a research report on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $58.40.

Shares of NASDAQ:PATK opened at $39.39 on Friday. The company has a 50 day moving average of $44.17 and a 200 day moving average of $45.49. The stock has a market cap of $924.25 million, a P/E ratio of 8.47, a P/E/G ratio of 1.30 and a beta of 2.00. Patrick Industries has a 12 month low of $27.32 and a 12 month high of $67.50. The company has a current ratio of 2.01, a quick ratio of 0.78 and a debt-to-equity ratio of 1.37.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, July 25th. The construction company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.14 by $0.04. The company had revenue of $613.20 million during the quarter, compared to analysts’ expectations of $621.33 million. Patrick Industries had a net margin of 4.43% and a return on equity of 23.07%. Patrick Industries’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.42 earnings per share. On average, equities analysts forecast that Patrick Industries will post 4.18 earnings per share for the current fiscal year.

In other Patrick Industries news, Director Jeffrey L. Et Al Gendell sold 45,254 shares of Patrick Industries stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $46.45, for a total transaction of $2,102,048.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.60% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc bought a new stake in Patrick Industries during the first quarter valued at approximately $32,000. Cutler Group LP bought a new stake in Patrick Industries during the first quarter valued at approximately $53,000. Private Capital Group LLC bought a new stake in Patrick Industries during the second quarter valued at approximately $56,000. Tyers Asset Management LLC lifted its position in Patrick Industries by 20.4% during the second quarter. Tyers Asset Management LLC now owns 2,736 shares of the construction company’s stock valued at $135,000 after purchasing an additional 464 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. lifted its position in Patrick Industries by 187.3% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,747 shares of the construction company’s stock valued at $135,000 after purchasing an additional 1,791 shares during the last quarter. Institutional investors and hedge funds own 93.12% of the company’s stock.

About Patrick Industries

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.

Read More: How Do You Calculate Return on Equity (ROE)?

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.