Patrick Industries (NASDAQ:PATK) Rating Increased to Hold at StockNews.com

Patrick Industries (NASDAQ:PATK) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Monday.

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

Patrick Industries Trading Down 0.3 %

Shares of PATK stock opened at $88.00 on Monday. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 1.69 and a beta of 2.24. Patrick Industries has a 1-year low of $60.67 and a 1-year high of $98.90. The stock has a 50 day simple moving average of $89.63 and a 200-day simple moving average of $84.50.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.02). The business had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the firm earned $1.21 EPS. On average, equities research analysts expect that Patrick Industries will post 6.43 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Andy L. Nemeth sold 15,000 shares of Patrick Industries stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $93.76, for a total value 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. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. DGS Capital Management LLC acquired a new stake in shares of Patrick Industries during the 3rd quarter worth about $200,000. Tidal Investments LLC purchased a new position in shares of Patrick Industries in the 3rd quarter valued at $271,000. Teachers Retirement System of The State of Kentucky raised its stake in Patrick Industries by 6.6% during the 3rd 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 acquiring an additional 1,022 shares in the last quarter. Geode Capital Management LLC lifted its position in Patrick Industries by 4.1% in the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after acquiring an additional 20,694 shares during the last quarter. Finally, Vestcor Inc boosted its stake in Patrick Industries by 218.6% in the third quarter. Vestcor Inc now owns 5,324 shares of the construction company’s stock valued at $758,000 after acquiring an additional 3,653 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.