Patrick Industries, Inc. (PATK) Downgraded by Zacks Investment Research
Patrick Industries, Inc. (NASDAQ:PATK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “PATRICK INDUSTRIES, INC. is a manufacturer and supplier of building products and materials to the manufactured housing and recreational vehicle industries. In addition, they are expanding as a supplier to certain other industrial markets, such as furniture manufacturing, marine and the automotive aftermarket. They manufacture decorative vinyl and paper panels, cabinet doors, countertops, aluminum extrusions, drawer sides and wood adhesives. “
PATK has been the subject of a number of other reports. Wells Fargo & Company reissued a “market perform” rating and set a $75.00 price objective (up from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, June 9th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Patrick Industries presently has an average rating of “Hold” and a consensus price target of $76.50.
Patrick Industries (NASDAQ PATK) opened at 69.40 on Friday. The stock has a market capitalization of $1.17 billion, a P/E ratio of 16.97 and a beta of 0.92. The firm’s 50-day moving average is $72.79 and its 200 day moving average is $72.40. Patrick Industries has a 12 month low of $50.80 and a 12 month high of $86.10.
Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.16 by $0.12. The firm had revenue of $407.20 million during the quarter, compared to analysts’ expectations of $384.54 million. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. Patrick Industries’s quarterly revenue was up 29.2% compared to the same quarter last year. During the same period last year, the business earned $1.10 earnings per share. On average, equities analysts anticipate that Patrick Industries will post $4.34 earnings per share for the current year.
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In other Patrick Industries news, Director Walter E. Wells sold 3,000 shares of Patrick Industries stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $72.12, for a total transaction of $216,360.00. Following the completion of the transaction, the director now directly owns 44,240 shares of the company’s stock, valued at $3,190,588.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.20% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Algert Global LLC boosted its position in shares of Patrick Industries by 386.1% in the second quarter. Algert Global LLC now owns 27,826 shares of the construction company’s stock worth $2,027,000 after buying an additional 22,102 shares during the last quarter. Eqis Capital Management Inc. bought a new position in shares of Patrick Industries during the second quarter worth about $226,000. Supplemental Annuity Collective Trust of NJ boosted its position in shares of Patrick Industries by 20.0% in the second quarter. Supplemental Annuity Collective Trust of NJ now owns 12,000 shares of the construction company’s stock worth $874,000 after buying an additional 2,000 shares during the last quarter. Cadence Capital Management LLC boosted its position in shares of Patrick Industries by 53.2% in the second quarter. Cadence Capital Management LLC now owns 23,487 shares of the construction company’s stock worth $1,711,000 after buying an additional 8,159 shares during the last quarter. Finally, Essex Investment Management Co. LLC boosted its position in shares of Patrick Industries by 41.6% in the second quarter. Essex Investment Management Co. LLC now owns 33,693 shares of the construction company’s stock worth $2,455,000 after buying an additional 9,896 shares during the last quarter. 91.21% of the stock is owned by institutional investors.
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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