Patrick Industries, Inc. (PATK) Given Average Rating of “Hold” by Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned a consensus recommendation of “Hold” from the eight brokerages that are covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $78.00.

Several brokerages have commented on PATK. Zacks Investment Research downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Sidoti cut their target price on Patrick Industries from $90.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, October 23rd. BidaskClub downgraded Patrick Industries from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 9th. Finally, ValuEngine downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd.

Shares of PATK opened at $39.73 on Tuesday. Patrick Industries has a fifty-two week low of $38.86 and a fifty-two week high of $72.35. The stock has a market capitalization of $982.36 million, a P/E ratio of 12.49, a PEG ratio of 0.59 and a beta of 1.19. The company has a quick ratio of 0.85, a current ratio of 2.24 and a debt-to-equity ratio of 1.43.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 25th. The construction company reported $1.15 EPS for the quarter, topping the consensus estimate of $1.06 by $0.09. Patrick Industries had a return on equity of 28.73% and a net margin of 5.52%. The business had revenue of $575.14 million during the quarter, compared to the consensus estimate of $565.23 million. Sell-side analysts expect that Patrick Industries will post 4.68 earnings per share for the current year.

In other Patrick Industries news, Director Walter E. Wells sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $64.10, for a total value of $256,400.00. Following the completion of the transaction, the director now owns 61,030 shares in the company, valued at approximately $3,912,023. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director M Scott Welch bought 3,080 shares of the business’s stock in a transaction on Wednesday, October 31st. The stock was bought at an average price of $43.68 per share, with a total value of $134,534.40. Following the purchase, the director now owns 73,032 shares in the company, valued at $3,190,037.76. The disclosure for this purchase can be found here. 5.60% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Raymond James & Associates boosted its position in shares of Patrick Industries by 22.9% during the 2nd quarter. Raymond James & Associates now owns 4,937 shares of the construction company’s stock valued at $281,000 after acquiring an additional 921 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Patrick Industries by 7.1% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 15,774 shares of the construction company’s stock valued at $897,000 after acquiring an additional 1,050 shares during the last quarter. IndexIQ Advisors LLC boosted its position in shares of Patrick Industries by 3.9% during the 3rd quarter. IndexIQ Advisors LLC now owns 36,754 shares of the construction company’s stock valued at $2,176,000 after acquiring an additional 1,387 shares during the last quarter. Essex Investment Management Co. LLC boosted its position in shares of Patrick Industries by 3.3% during the 3rd quarter. Essex Investment Management Co. LLC now owns 47,602 shares of the construction company’s stock valued at $2,818,000 after acquiring an additional 1,511 shares during the last quarter. Finally, Catalyst Capital Advisors LLC boosted its position in shares of Patrick Industries by 10.5% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 16,800 shares of the construction company’s stock valued at $995,000 after acquiring an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 93.75% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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