StockNews.com Downgrades Patrick Industries (NASDAQ:PATK) to Sell

Patrick Industries (NASDAQ:PATK) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

A number of other equities analysts have also recently issued reports on the company. BMO Capital Markets increased their target price on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. KeyCorp lifted their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Benchmark restated a “buy” rating and issued a $96.67 target price on shares of Patrick Industries in a report on Monday, November 4th. Truist Financial raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Raymond James decreased their price objective on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $93.25.

Patrick Industries Stock Up 0.7 %

Patrick Industries stock opened at $83.60 on Tuesday. The company has a market capitalization of $2.81 billion, a PE ratio of 12.01, a PEG ratio of 1.69 and a beta of 2.20. Patrick Industries has a 12-month low of $60.67 and a 12-month high of $98.90. The firm’s fifty day moving average is $88.10 and its 200 day moving average is $84.93. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). The company had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. Patrick Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the company earned $1.21 EPS. As a group, sell-side analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 364,678 shares in the company, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. raised its stake in shares of Patrick Industries by 2.1% in the third quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company’s stock valued at $15,939,000 after buying an additional 2,275 shares during the period. DGS Capital Management LLC bought a new stake in Patrick Industries in the 3rd quarter valued at about $200,000. Tidal Investments LLC purchased a new stake in Patrick Industries during the third quarter valued at about $271,000. Teachers Retirement System of The State of Kentucky boosted its position in Patrick Industries by 6.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 16,513 shares of the construction company’s stock worth $2,351,000 after purchasing an additional 1,022 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Patrick Industries by 4.1% in the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock worth $73,968,000 after purchasing an additional 20,694 shares in the last quarter. 93.29% of the stock is owned by institutional investors.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.