Patrick Industries (PATK) Stock Rating Upgraded by Zacks Investment Research

Patrick Industries (NASDAQ:PATK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $70.00 target price on the construction company’s stock. Zacks Investment Research‘s price target points to a potential upside of 8.61% from the stock’s current price.

According to Zacks, “Patrick Industries, Inc. is a major manufacturer of component products and distributor of building products and materials for the Recreational Vehicle, Manufactured Housing and Marine industries. The Company also supplies many of its products to certain Industrial markets that include customers in the kitchen cabinet, office and household furniture, fixtures and commercial furnishings and other industrial markets. Patrick’s major manufactured products include decorative vinyl and paper laminated panels, solid surface, granite and quartz countertops, fabricated aluminum products, wrapped vinyl, paper and hardwood profile moldings, slide-out trim and fascia, cabinet doors and components, fiberglass bath fixtures, fiberglass and plastic helm systems and component products, wiring and wiring harnesses, and composite parts and polymer-based flooring and other products. Patrick Industries also distributes pre-finished wall and ceiling panels, drywall finishing products, and other miscellaneous products. “

PATK has been the subject of several other reports. Robert W. Baird reissued a “buy” rating and issued a $72.00 price target on shares of Patrick Industries in a research note on Friday, December 22nd. Bank of America upped their price objective on shares of Patrick Industries from $56.67 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, October 24th. BidaskClub raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research note on Friday, January 26th. Wells Fargo & Co reaffirmed a “market perform” rating and set a $66.00 price objective (down from $90.00) on shares of Patrick Industries in a research note on Thursday, December 14th. Finally, KeyCorp initiated coverage on shares of Patrick Industries in a research note on Friday, December 15th. They set an “overweight” rating and a $80.00 price objective for the company. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $73.60.

Shares of Patrick Industries (PATK) opened at $64.45 on Thursday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.23 and a quick ratio of 1.00. The firm has a market cap of $1,583.36, a price-to-earnings ratio of 22.12, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84. Patrick Industries has a one year low of $40.07 and a one year high of $72.35.

Patrick Industries declared that its Board of Directors has approved a stock repurchase plan on Tuesday, January 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

In other news, Director Joseph M. Cerulli sold 3,223 shares of the company’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $97.64, for a total transaction of $314,693.72. Following the completion of the transaction, the director now directly owns 25,237 shares of the company’s stock, valued at $2,464,140.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Courtney Blosser sold 6,000 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $101.28, for a total transaction of $607,680.00. Following the transaction, 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. Over the last ninety days, insiders have sold 25,234 shares of company stock valued at $2,485,568. Insiders own 5.20% of the company’s stock.

Several large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of Patrick Industries by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 675,042 shares of the construction company’s stock valued at $56,771,000 after buying an additional 2,083 shares during the period. Wasatch Advisors Inc. increased its position in shares of Patrick Industries by 61.5% during the fourth quarter. Wasatch Advisors Inc. now owns 66,270 shares of the construction company’s stock valued at $4,602,000 after buying an additional 25,243 shares during the period. Voya Investment Management LLC increased its position in shares of Patrick Industries by 19.4% during the second quarter. Voya Investment Management LLC now owns 7,158 shares of the construction company’s stock valued at $521,000 after buying an additional 1,163 shares during the period. Hennessy Advisors Inc. increased its position in shares of Patrick Industries by 50.0% during the fourth quarter. Hennessy Advisors Inc. now owns 70,200 shares of the construction company’s stock valued at $4,875,000 after buying an additional 23,400 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of Patrick Industries by 35.3% during the third quarter. Wells Fargo & Company MN now owns 86,783 shares of the construction company’s stock valued at $7,298,000 after buying an additional 22,636 shares during the period. 61.29% 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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