Patrick Industries (NASDAQ:PATK) Upgraded to Buy at Wall Street Zen

Patrick Industries (NASDAQ:PATK) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other brokerages have also issued reports on PATK. Robert W. Baird set a $140.00 price target on Patrick Industries in a research note on Friday, February 6th. KeyCorp reissued an “overweight” rating and issued a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday. Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Roth Mkm reissued a “buy” rating and set a $157.00 price objective on shares of Patrick Industries in a research note on Monday, February 9th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $135.13.

Patrick Industries Stock Down 2.2%

Shares of NASDAQ PATK opened at $123.79 on Friday. The firm has a market cap of $4.11 billion, a P/E ratio of 31.66, a price-to-earnings-growth ratio of 1.33 and a beta of 1.34. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. Patrick Industries has a 1 year low of $72.99 and a 1 year high of $148.50. The firm’s 50 day moving average price is $126.10 and its 200 day moving average price is $113.27.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.52 EPS. As a group, sell-side analysts anticipate that Patrick Industries will post 5.33 earnings per share for the current year.

Insider Buying and Selling at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the sale, the chief executive officer directly owned 301,641 shares of the company’s stock, valued at approximately $34,688,715. This represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew S. Filer purchased 1,000 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was bought at an average price of $139.91 per share, with a total value of $139,910.00. Following the completion of the acquisition, the chief accounting officer owned 20,614 shares in the company, valued at $2,884,104.74. This represents a 5.10% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold a total of 31,607 shares of company stock valued at $3,823,904 in the last quarter. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Patrick Industries by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $1,632,000 after acquiring an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Patrick Industries by 5.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after purchasing an additional 3,748 shares in the last quarter. Strs Ohio purchased a new position in shares of Patrick Industries in the first quarter valued at $42,000. Envestnet Asset Management Inc. grew its holdings in Patrick Industries by 27.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 165,330 shares of the construction company’s stock valued at $15,255,000 after purchasing an additional 35,447 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in Patrick Industries by 21.2% during the 2nd quarter. Bessemer Group Inc. now owns 4,010 shares of the construction company’s stock worth $370,000 after buying an additional 702 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.