Patrick Industries (NASDAQ:PATK) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a buy rating in a research note released on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $50.00 price objective on the construction company’s stock.

According to Zacks, “Patrick Industries, Inc. is a major manufacturer of component products and distributor of building products and materials for the Recreational Vehicle, Manufactured Housing and Marine industries. The Company also supplies many of its products to certain Industrial markets that include customers in the kitchen cabinet, office and household furniture, fixtures and commercial furnishings and other industrial markets. Patrick’s major manufactured products include decorative vinyl and paper laminated panels, solid surface, granite and quartz countertops, fabricated aluminum products, wrapped vinyl, paper and hardwood profile moldings, slide-out trim and fascia, cabinet doors and components, fiberglass bath fixtures, fiberglass and plastic helm systems and component products, wiring and wiring harnesses, and composite parts and polymer-based flooring and other products. Patrick Industries also distributes pre-finished wall and ceiling panels, drywall finishing products, and other miscellaneous products. “

A number of other equities research analysts have also weighed in on the stock. ValuEngine lowered shares of W&T Offshore from a hold rating to a sell rating in a report on Friday, April 26th. BidaskClub lowered shares of Zebra Technologies from a buy rating to a hold rating in a report on Tuesday, July 16th. KeyCorp raised their price target on shares of Rapid7 from $50.00 to $60.00 and gave the company an overweight rating in a report on Monday, April 15th. Finally, Bank of America set a $275.00 price target on shares of SVB Financial Group and gave the company a buy rating in a report on Friday, April 26th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Patrick Industries currently has an average rating of Hold and an average price target of $58.40.

PATK opened at $43.19 on Thursday. The company’s fifty day moving average price is $45.84. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 9.29, a price-to-earnings-growth ratio of 1.43 and a beta of 2.03. Patrick Industries has a twelve month low of $27.32 and a twelve month high of $67.50. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.75 and a current ratio of 1.97.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, April 25th. The construction company reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.02. The business had revenue of $608.20 million during the quarter, compared to analyst estimates of $595.67 million. Patrick Industries had a net margin of 4.77% and a return on equity of 25.64%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $1.20 EPS. Analysts forecast that Patrick Industries will post 4.29 earnings per share for the current year.

In other Patrick Industries news, Director Jeffrey L. Et Al Gendell sold 45,254 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $46.45, for a total transaction of $2,102,048.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Walter E. Wells sold 10,000 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $50.60, for a total transaction of $506,000.00. Following the transaction, the director now owns 50,030 shares in the company, valued at $2,531,518. The disclosure for this sale can be found here. Corporate insiders own 7.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of PATK. Texas Permanent School Fund lifted its position in shares of Patrick Industries by 1.8% in the 4th quarter. Texas Permanent School Fund now owns 14,924 shares of the construction company’s stock worth $442,000 after buying an additional 260 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Patrick Industries by 2.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 12,613 shares of the construction company’s stock worth $572,000 after buying an additional 287 shares during the last quarter. Comerica Bank lifted its position in shares of Patrick Industries by 2.1% in the 1st quarter. Comerica Bank now owns 22,799 shares of the construction company’s stock worth $1,099,000 after buying an additional 467 shares during the last quarter. Stone Ridge Asset Management LLC lifted its position in shares of Patrick Industries by 6.8% in the 4th quarter. Stone Ridge Asset Management LLC now owns 9,211 shares of the construction company’s stock worth $273,000 after buying an additional 586 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Patrick Industries by 11.7% in the 1st quarter. Victory Capital Management Inc. now owns 5,776 shares of the construction company’s stock worth $262,000 after buying an additional 606 shares during the last quarter. Hedge funds and other institutional investors own 91.55% of the company’s stock.

Patrick Industries Company Profile

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; decorative vinyl and paper laminated panels; 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.

Further Reading: Book Value Of Equity Per Share – BVPS Explained

Get a free copy of the Zacks research report on Patrick Industries (PATK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.