Zacks Investment Research Downgrades Patrick Industries, Inc. (PATK) to Hold
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. “
Several other equities research analysts have also issued reports on PATK. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 price objective (up previously from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $78.00.
Shares of Patrick Industries (NASDAQ:PATK) traded up 2.42% during trading on Friday, hitting $76.30. 153,917 shares of the stock traded hands. The firm’s 50-day moving average price is $72.89 and its 200-day moving average price is $71.65. The stock has a market cap of $1.28 billion, a PE ratio of 18.66 and a beta of 0.91. Patrick Industries has a 12 month low of $50.80 and a 12 month high of $86.10.
Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.12. The firm had revenue of $407.20 million during the quarter, compared to analyst estimates of $384.54 million. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The business’s revenue was up 29.2% on a year-over-year basis. During the same quarter last year, the business earned $1.10 EPS. Analysts anticipate that Patrick Industries will post $4.35 EPS for the current year.
In other news, Director Paul E. Hassler sold 5,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $75.00, for a total value of $375,000.00. Following the transaction, the director now owns 52,811 shares of the company’s stock, valued at approximately $3,960,825. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd M. Cleveland sold 1,435 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $74.47, for a total transaction of $106,864.45. Following the completion of the transaction, the chief executive officer now directly owns 390,792 shares in the company, valued at approximately $29,102,280.24. 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 in the last three months. Insiders own 6.20% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Mesirow Financial Investment Management Inc. purchased a new position in shares of Patrick Industries in the 2nd quarter worth approximately $416,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Patrick Industries in the 2nd quarter worth approximately $873,000. Verition Fund Management LLC purchased a new position in shares of Patrick Industries in the 2nd quarter worth approximately $391,000. Piedmont Investment Advisors LLC purchased a new position in shares of Patrick Industries in the 2nd quarter worth approximately $251,000. Finally, Ameritas Investment Partners Inc. grew its position in shares of Patrick Industries by 13.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after buying an additional 168 shares during the last quarter. 89.83% of the stock is currently owned by hedge funds and other 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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