Patrick Industries, Inc. (NASDAQ:PATK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The firm presently has a $83.00 price objective on the construction company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 8.78% from the stock’s current price.

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. “

A number of other research analysts have also recently commented on PATK. BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, June 9th. Wells Fargo & Company reissued a “market perform” rating and issued a $75.00 price target (up from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $78.00.

Shares of Patrick Industries (PATK) opened at 76.30 on Friday. The company has a 50-day moving average of $72.89 and a 200-day moving average of $71.65. Patrick Industries has a 52 week low of $50.80 and a 52 week high of $86.10. The stock has a market capitalization of $1.28 billion, a P/E ratio of 18.66 and a beta of 0.91.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, topping the Zacks’ consensus estimate 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 analysts’ expectations of $384.54 million. During the same period in the previous year, the firm earned $1.10 EPS. The firm’s revenue was up 29.2% compared to the same quarter last year. On average, analysts anticipate that Patrick Industries will post $4.35 EPS for the current year.

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In other news, VP Joshua A. Boone sold 520 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $73.00, for a total transaction of $37,960.00. Following the sale, the vice president now directly owns 7,445 shares of the company’s stock, valued at approximately $543,485. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul E. Hassler sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $75.00, for a total value of $375,000.00. Following the sale, the director now directly owns 52,811 shares in the company, valued at $3,960,825. The disclosure for this sale can be found here. Insiders have sold a total of 16,120 shares of company stock worth $1,196,440 over the last ninety days. Insiders own 6.20% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Algert Global LLC raised its holdings in shares of Patrick Industries by 386.1% during the 2nd quarter. Algert Global LLC now owns 27,826 shares of the construction company’s stock worth $2,027,000 after acquiring an additional 22,102 shares in the last quarter. Cadence Capital Management LLC raised its holdings in shares of Patrick Industries by 53.2% during the 2nd quarter. Cadence Capital Management LLC now owns 23,487 shares of the construction company’s stock worth $1,711,000 after acquiring an additional 8,159 shares in the last quarter. Neuberger Berman Group LLC raised its holdings in shares of Patrick Industries by 10.6% during the 2nd quarter. Neuberger Berman Group LLC now owns 510,710 shares of the construction company’s stock worth $37,205,000 after acquiring an additional 49,035 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of Patrick Industries by 3.4% during the 2nd quarter. Great West Life Assurance Co. Can now owns 22,980 shares of the construction company’s stock worth $1,673,000 after acquiring an additional 750 shares in the last quarter. Finally, Eqis Capital Management Inc. purchased a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $226,000. 89.83% of the stock is currently owned by institutional investors and hedge funds.

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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