Patrick Industries (NASDAQ:PATK) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Wednesday.
Several other research firms have also recently weighed in on PATK. Bank of America upped their price objective on shares of Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Robert W. Baird reaffirmed a “buy” rating and set a $72.00 price objective on shares of Patrick Industries in a research report on Friday, December 22nd. Wells Fargo & Co reaffirmed a “market perform” rating and set a $66.00 price objective (down previously from $90.00) on shares of Patrick Industries in a research report on Thursday, December 14th. ValuEngine raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Finally, KeyCorp began coverage on shares of Patrick Industries in a research report on Friday, December 15th. They set an “overweight” rating and a $80.00 price objective for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $73.60.
Patrick Industries (NASDAQ:PATK) remained flat at $$66.80 on Wednesday. The stock had a trading volume of 229,799 shares, compared to its average volume of 267,112. Patrick Industries has a 12-month low of $40.07 and a 12-month high of $72.35. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.01 and a quick ratio of 0.72. The firm has a market cap of $1,661.99, a P/E ratio of 19.21, a PEG ratio of 1.43 and a beta of 0.89.
Patrick Industries declared that its board has approved a share repurchase program on Tuesday, January 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In related news, Director M Scott Welch bought 5,550 shares of the company’s stock in a transaction dated Friday, March 2nd. The stock was purchased at an average price of $60.60 per share, with a total value of $336,330.00. Following the completion of the acquisition, the director now owns 63,862 shares of the company’s stock, valued at $3,870,037.20. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director John A. Forbes sold 1,000 shares of the stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $65.80, for a total transaction of $65,800.00. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of PATK. The Manufacturers Life Insurance Company lifted its holdings in shares of Patrick Industries by 12.5% in the second quarter. The Manufacturers Life Insurance Company now owns 12,553 shares of the construction company’s stock worth $915,000 after acquiring an additional 1,390 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of Patrick Industries in the third quarter worth about $590,000. American Century Companies Inc. increased its stake in shares of Patrick Industries by 2.1% in the third quarter. American Century Companies Inc. now owns 35,536 shares of the construction company’s stock valued at $2,989,000 after buying an additional 724 shares during the period. BNP Paribas Arbitrage SA increased its stake in shares of Patrick Industries by 69.4% in the third quarter. BNP Paribas Arbitrage SA now owns 8,115 shares of the construction company’s stock valued at $682,000 after buying an additional 3,325 shares during the period. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of Patrick Industries by 58.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 5,970 shares of the construction company’s stock valued at $502,000 after buying an additional 2,210 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.
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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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