Patrick Industries, Inc. (NASDAQ:PATK) has been given a consensus recommendation of “Buy” by the six brokerages that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $76.00.

A number of analysts recently issued reports on PATK shares. Bank of America Corporation started coverage on Patrick Industries in a research note on Monday, April 17th. They set a “buy” rating and a $80.00 price objective on the stock. Robert W. Baird started coverage on Patrick Industries in a research note on Friday, April 21st. They set an “outperform” rating and a $74.00 price objective on the stock. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Tuesday, May 23rd. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research note on Friday, June 9th. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 price objective (up from $72.00) on shares of Patrick Industries in a research note on Monday, June 19th.

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In other Patrick Industries news, Director M Scott Welch bought 5,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The shares were acquired at an average cost of $66.50 per share, for a total transaction of $332,500.00. Following the purchase, the director now directly owns 24,908 shares of the company’s stock, valued at $1,656,382. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 6.20% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in PATK. State of New Jersey Common Pension Fund D raised its position in shares of Patrick Industries by 8.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 400,000 shares of the construction company’s stock worth $29,140,000 after buying an additional 30,000 shares in the last quarter. GW&K Investment Management LLC acquired a new position in shares of Patrick Industries during the second quarter worth $22,840,000. Tygh Capital Management Inc. raised its position in shares of Patrick Industries by 84.8% in the second quarter. Tygh Capital Management Inc. now owns 99,426 shares of the construction company’s stock worth $7,243,000 after buying an additional 45,630 shares in the last quarter. New Amsterdam Partners LLC NY raised its position in shares of Patrick Industries by 44.1% in the second quarter. New Amsterdam Partners LLC NY now owns 95,816 shares of the construction company’s stock worth $6,980,000 after buying an additional 29,323 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in shares of Patrick Industries by 2.3% in the first quarter. Public Employees Retirement System of Ohio now owns 84,005 shares of the construction company’s stock worth $5,956,000 after buying an additional 1,877 shares in the last quarter. Institutional investors and hedge funds own 90.97% of the company’s stock.

Shares of Patrick Industries (NASDAQ:PATK) opened at 74.50 on Tuesday. The stock’s 50 day moving average price is $74.73 and its 200 day moving average price is $73.45. Patrick Industries has a 12-month low of $50.80 and a 12-month high of $86.10. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 18.22 and a beta of 0.92.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.12. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The company had revenue of $407.20 million for the quarter, compared to analyst estimates of $384.54 million. During the same period in the previous year, the company posted $1.10 EPS. The firm’s revenue for the quarter was up 29.2% compared to the same quarter last year. Equities research analysts expect that Patrick Industries will post $4.34 earnings per share for the current year.

About Patrick Industries

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.

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