Patrick Industries, Inc. (PATK) Receives $78.00 Average PT from Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given an average recommendation of “Hold” by the eight brokerages that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $78.00.

Several equities analysts recently commented on PATK shares. Zacks Investment Research downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. BidaskClub downgraded shares of Patrick Industries from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 9th. Sidoti cut their price target on shares of Patrick Industries from $90.00 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, October 23rd. Finally, ValuEngine downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd.

Shares of Patrick Industries stock traded down $1.24 during trading hours on Friday, reaching $43.75. The company’s stock had a trading volume of 307,390 shares, compared to its average volume of 245,707. Patrick Industries has a one year low of $39.66 and a one year high of $72.35. The company has a quick ratio of 0.85, a current ratio of 2.24 and a debt-to-equity ratio of 1.43. The company has a market cap of $1.17 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 0.68 and a beta of 1.19.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 25th. The construction company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.09. Patrick Industries had a net margin of 5.52% and a return on equity of 28.73%. The firm had revenue of $575.14 million for the quarter, compared to the consensus estimate of $565.23 million. As a group, sell-side analysts expect that Patrick Industries will post 4.72 earnings per share for the current fiscal year.

In related news, Director Walter E. Wells sold 4,000 shares of the company’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $64.10, for a total transaction of $256,400.00. Following the transaction, the director now directly owns 61,030 shares in the company, valued at approximately $3,912,023. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director M Scott Welch acquired 3,080 shares of the stock in a transaction on Wednesday, October 31st. The stock was bought at an average cost of $43.68 per share, with a total value of $134,534.40. Following the completion of the transaction, 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. Corporate insiders own 5.60% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. purchased a new stake in Patrick Industries in the 2nd quarter valued at about $117,000. First Hawaiian Bank purchased a new stake in Patrick Industries in the 3rd quarter valued at about $167,000. Edge Wealth Management LLC boosted its position in Patrick Industries by 7,692.3% in the 2nd quarter. Edge Wealth Management LLC now owns 3,039 shares of the construction company’s stock valued at $173,000 after buying an additional 3,000 shares during the period. Sei Investments Co. boosted its position in Patrick Industries by 124.5% in the 1st quarter. Sei Investments Co. now owns 3,374 shares of the construction company’s stock valued at $209,000 after buying an additional 1,871 shares during the period. Finally, Xact Kapitalforvaltning AB boosted its position in Patrick Industries by 29.0% in the 1st quarter. Xact Kapitalforvaltning AB now owns 4,008 shares of the construction company’s stock valued at $248,000 after buying an additional 900 shares during the period. 92.03% of the stock is owned by institutional investors.

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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Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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