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

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

Several other brokerages also recently weighed in on PATK. Raymond James lowered their target price 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 upped their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Benchmark restated a “buy” rating and issued a $96.67 target price on shares of Patrick Industries in a research note on Monday, November 4th. KeyCorp boosted their price target on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Truist Financial raised their price objective 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. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $93.25.

Patrick Industries Stock Performance

NASDAQ:PATK traded down $1.48 during mid-day trading on Monday, reaching $88.25. 457,817 shares of the stock were exchanged, compared to its average volume of 291,471. The company has a 50 day simple moving average of $89.63 and a 200-day simple moving average of $84.50. The stock has a market capitalization of $1.98 billion, a P/E ratio of 12.68, a P/E/G 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 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 posted its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. During the same quarter in the prior year, the firm posted $1.21 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. Analysts anticipate that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Andy L. Nemeth sold 30,000 shares of Patrick Industries stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the chief executive officer now directly owns 379,678 shares in the company, valued at $34,171,020. The trade was a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Assetmark Inc. grew its holdings in Patrick Industries by 1,589.0% in the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after purchasing an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Patrick Industries by 35.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after buying an additional 25,556 shares during the period. Fiera Capital Corp acquired a new stake in shares of Patrick Industries during the 3rd quarter worth $27,888,000. Argent Capital Management LLC raised its position in shares of Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after buying an additional 133,413 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in Patrick Industries by 8.7% in the second quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock valued at $5,032,000 after acquiring an additional 3,705 shares during the last quarter. Institutional investors and hedge funds 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.