Patrick Industries, Inc. (PATK) Rating Reiterated by Robert W. Baird
Patrick Industries, Inc. (NASDAQ:PATK)‘s stock had its “buy” rating restated by equities researchers at Robert W. Baird in a note issued to investors on Thursday.
Several other brokerages also recently weighed in on PATK. Zacks Investment Research downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $75.00 price target (up from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Finally, BidaskClub downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $80.75.
Patrick Industries (PATK) traded up 0.268% during trading on Thursday, hitting $84.325. The stock had a trading volume of 14,506 shares. Patrick Industries has a 52-week low of $50.80 and a 52-week high of $87.90. The firm has a market cap of $1.42 billion, a PE ratio of 20.617 and a beta of 0.89. The company’s 50 day moving average is $77.87 and its 200 day moving average is $72.75.
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, beating the 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 firm had revenue of $407.20 million for the quarter, compared to the consensus estimate of $384.54 million. During the same period in the prior year, the firm earned $1.10 EPS. The firm’s revenue was up 29.2% on a year-over-year basis. Equities research analysts forecast that Patrick Industries will post $4.35 earnings per share for the current year.
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In other news, President Andy L. Nemeth sold 10,000 shares of the stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $79.95, for a total transaction of $799,500.00. Following the sale, the president now directly owns 79,193 shares of the company’s stock, valued at approximately $6,331,480.35. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jeffrey L. Et Al Gendell sold 16,058 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $85.04, for a total transaction of $1,365,572.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 198,546 shares of company stock worth $16,327,660. Corporate insiders own 6.20% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Alps Advisors Inc. lifted its stake in Patrick Industries by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 6,879 shares of the construction company’s stock valued at $501,000 after buying an additional 18 shares in the last quarter. Texas Permanent School Fund lifted its stake in Patrick Industries by 0.6% in the 2nd quarter. Texas Permanent School Fund now owns 11,624 shares of the construction company’s stock valued at $847,000 after buying an additional 71 shares in the last quarter. Aperio Group LLC lifted its stake in Patrick Industries by 2.9% in the 2nd quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock valued at $223,000 after buying an additional 85 shares in the last quarter. California Public Employees Retirement System lifted its stake in Patrick Industries by 0.3% in the 2nd quarter. California Public Employees Retirement System now owns 33,000 shares of the construction company’s stock valued at $2,404,000 after buying an additional 100 shares in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its stake in Patrick Industries by 13.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after buying an additional 168 shares in the last quarter. 89.73% of the stock is currently owned by institutional investors and hedge funds.
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.
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