Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus rating of “Buy” from the seven research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $68.80.

Several equities analysts recently commented on the company. Zacks Investment Research downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Robert W. Baird restated a “buy” rating on shares of Patrick Industries in a research report on Thursday, October 12th. Wells Fargo & Co restated a “market perform” rating and set a $66.00 target price (down previously from $90.00) on shares of Patrick Industries in a research report on Thursday, December 14th. ValuEngine upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Finally, KeyCorp assumed coverage on Patrick Industries in a research report on Friday, December 15th. They set an “overweight” rating and a $80.00 target price for the company.

Shares of Patrick Industries (NASDAQ:PATK) opened at $68.00 on Friday. The company has a quick ratio of 1.00, a current ratio of 2.23 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $1,690.00, a P/E ratio of 22.97, a price-to-earnings-growth ratio of 1.68 and a beta of 0.98. Patrick Industries has a 52-week low of $40.07 and a 52-week high of $71.13.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 26th. The construction company reported $0.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.10. The business had revenue of $407.50 million during the quarter, compared to the consensus estimate of $371.98 million. Patrick Industries had a return on equity of 24.60% and a net margin of 4.73%. Patrick Industries’s revenue was up 34.0% on a year-over-year basis. During the same quarter last year, the company earned $0.53 EPS. sell-side analysts expect that Patrick Industries will post 3.05 earnings per share for the current fiscal year.

In related news, CEO Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $89.87, for a total transaction of $898,700.00. Following the completion of the sale, the chief executive officer now directly owns 340,827 shares of the company’s stock, valued at approximately $30,630,122.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Courtney Blosser sold 6,000 shares of the firm’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $101.28, for a total value of $607,680.00. Following the sale, the insider now directly owns 28,214 shares of the company’s stock, valued at $2,857,513.92. The disclosure for this sale can be found here. Insiders have sold a total of 60,234 shares of company stock valued at $5,623,018 over the last ninety days. Insiders own 5.20% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in PATK. Teachers Advisors LLC increased its holdings in Patrick Industries by 640.0% during the 2nd quarter. Teachers Advisors LLC now owns 195,788 shares of the construction company’s stock valued at $14,263,000 after purchasing an additional 169,329 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Patrick Industries by 140.1% during the 3rd quarter. Victory Capital Management Inc. now owns 160,111 shares of the construction company’s stock valued at $13,465,000 after purchasing an additional 93,421 shares in the last quarter. PDT Partners LLC acquired a new stake in Patrick Industries during the 2nd quarter valued at $3,548,000. State Street Corp increased its holdings in Patrick Industries by 9.9% during the 2nd quarter. State Street Corp now owns 382,418 shares of the construction company’s stock valued at $27,859,000 after purchasing an additional 34,456 shares in the last quarter. Finally, Stifel Financial Corp increased its holdings in Patrick Industries by 17.1% during the 2nd quarter. Stifel Financial Corp now owns 213,617 shares of the construction company’s stock valued at $15,557,000 after purchasing an additional 31,232 shares in the last quarter. 59.53% of the stock is owned by hedge funds and other institutional investors.

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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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