Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned an average rating of “Hold” from the seven ratings firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $73.50.
Several analysts recently weighed in on the company. BidaskClub raised Patrick Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, August 14th. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Friday, July 27th. Finally, ValuEngine lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd.
In other Patrick Industries news, Director Walter E. Wells sold 4,000 shares of the 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 directly owns 61,030 shares in the company, valued at $3,912,023. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.60% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the business. Itau Unibanco Holding S.A. bought a new position in shares of Patrick Industries during the second quarter worth about $117,000. Edge Wealth Management LLC raised its position in shares of Patrick Industries by 7,692.3% during the second quarter. Edge Wealth Management LLC now owns 3,039 shares of the construction company’s stock worth $173,000 after acquiring an additional 3,000 shares during the last quarter. Sei Investments Co. raised its position in shares of Patrick Industries by 124.5% during the first quarter. Sei Investments Co. now owns 3,374 shares of the construction company’s stock worth $209,000 after acquiring an additional 1,871 shares during the last quarter. Mount Yale Investment Advisors LLC bought a new position in shares of Patrick Industries during the first quarter worth about $214,000. Finally, Xact Kapitalforvaltning AB raised its position in shares of Patrick Industries by 29.0% during the first quarter. Xact Kapitalforvaltning AB now owns 4,008 shares of the construction company’s stock worth $248,000 after acquiring an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.
Shares of PATK traded down $1.35 during trading hours on Monday, hitting $53.59. 206,623 shares of the company were exchanged, compared to its average volume of 236,077. The firm has a market cap of $1.45 billion, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 0.84 and a beta of 0.82. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.87 and a current ratio of 2.23. Patrick Industries has a fifty-two week low of $51.88 and a fifty-two week high of $72.35.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 26th. The construction company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.21. The business had revenue of $604.88 million for the quarter, compared to analyst estimates of $553.60 million. Patrick Industries had a return on equity of 27.49% and a net margin of 5.49%. Patrick Industries’s revenue was up 48.6% compared to the same quarter last year. During the same period last year, the firm posted $1.23 earnings per share. On average, research analysts predict that Patrick Industries will post 4.75 earnings per share for the current fiscal year.
About Patrick Industries
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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