BidaskClub Downgrades Patrick Industries, Inc. (PATK) to Hold
Patrick Industries, Inc. (NASDAQ:PATK) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
A number of other equities analysts have also weighed in on the company. Wells Fargo & Company reaffirmed a “market perform” rating and set a $75.00 target price (up from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Tuesday, May 23rd. Robert W. Baird began coverage on Patrick Industries in a research report on Friday, April 21st. They set an “outperform” rating and a $74.00 target price on the stock. Finally, Bank of America Corporation began coverage on Patrick Industries in a research report on Monday, April 17th. They set a “buy” rating and a $80.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Patrick Industries presently has a consensus rating of “Buy” and an average target price of $76.00.
Patrick Industries (NASDAQ PATK) traded up 4.29% during mid-day trading on Friday, hitting $72.95. 114,204 shares of the stock were exchanged. Patrick Industries has a 1-year low of $50.80 and a 1-year high of $86.10. The company has a market capitalization of $1.22 billion, a PE ratio of 18.65 and a beta of 0.91. The stock has a 50 day moving average price of $72.27 and a 200 day moving average price of $74.08.
Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, April 27th. The construction company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.26. Patrick Industries had a return on equity of 29.55% and a net margin of 4.64%. The company had revenue of $345 million for the quarter, compared to analyst estimates of $327.37 million. The firm’s revenue was up 23.8% compared to the same quarter last year. On average, equities analysts anticipate that Patrick Industries will post $4.20 earnings per share for the current fiscal year.
In other news, Director M Scott Welch bought 5,000 shares of the stock in a transaction dated Thursday, May 18th. The shares were bought at an average cost of $66.50 per share, with a total value of $332,500.00. Following the completion of the transaction, the director now directly owns 24,908 shares of the company’s stock, valued at $1,656,382. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 6.20% of the stock is owned by corporate insiders.
An institutional investor recently raised its position in Patrick Industries stock. Nuveen Asset Management LLC increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 12.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,329 shares of the construction company’s stock after buying an additional 682 shares during the period. Nuveen Asset Management LLC’s holdings in Patrick Industries were worth $449,000 at the end of the most recent quarter. 89.45% of the stock is owned by hedge funds and other institutional investors.
Patrick Industries Company Profile
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
Receive News & Ratings for Patrick Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries Inc. and related companies with MarketBeat.com's FREE daily email newsletter.