Zacks Investment Research Lowers Patrick Industries (NASDAQ:PATK) to Hold

Zacks Investment Research downgraded shares of Patrick Industries (NASDAQ:PATK) from a buy rating to a hold rating in a report issued on Tuesday, Zacks.com reports.

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. “

Several other research analysts have also weighed in on the company. BidaskClub lowered Zebra Technologies from a buy rating to a hold rating in a report on Tuesday, July 16th. ValuEngine lowered W&T Offshore from a hold rating to a sell rating in a report on Friday, April 26th. Bank of America set a $275.00 target price on SVB Financial Group and gave the stock a buy rating in a report on Friday, April 26th. Finally, KeyCorp lifted their target price on Rapid7 from $50.00 to $60.00 and gave the stock an overweight rating in a report on Monday, April 15th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. Patrick Industries currently has an average rating of Hold and an average price target of $58.40.

NASDAQ:PATK opened at $45.64 on Tuesday. Patrick Industries has a 12-month low of $27.32 and a 12-month high of $67.50. The company has a debt-to-equity ratio of 1.37, a current ratio of 2.01 and a quick ratio of 0.78. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 9.82, a P/E/G ratio of 1.55 and a beta of 2.03. The business has a fifty day moving average of $46.25.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 25th. The construction company reported $1.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.04. Patrick Industries had a return on equity of 23.07% and a net margin of 4.43%. The business had revenue of $613.20 million for the quarter, compared to analyst estimates of $621.33 million. During the same period last year, the company earned $1.42 EPS. The firm’s revenue was up 1.4% on a year-over-year basis. On average, sell-side analysts predict that Patrick Industries will post 4.26 earnings per share for the current year.

In other news, Director Jeffrey L. Et Al Gendell sold 45,254 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $46.45, for a total value of $2,102,048.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 7.60% of the company’s stock.

Several institutional investors have recently modified their holdings of PATK. Waratah Capital Advisors Ltd. bought a new stake in shares of Patrick Industries in the first quarter valued at about $12,598,000. Norges Bank acquired a new stake in shares of Patrick Industries in the fourth quarter valued at about $7,140,000. Deutsche Bank AG increased its position in shares of Patrick Industries by 112.7% in the fourth quarter. Deutsche Bank AG now owns 431,100 shares of the construction company’s stock valued at $12,763,000 after acquiring an additional 228,424 shares during the last quarter. RK Capital Management LLC acquired a new stake in shares of Patrick Industries in the first quarter valued at about $6,549,000. Finally, Timucuan Asset Management Inc. FL increased its position in shares of Patrick Industries by 640.0% in the first quarter. Timucuan Asset Management Inc. FL now owns 74,000 shares of the construction company’s stock valued at $3,354,000 after acquiring an additional 64,000 shares during the last quarter. Institutional investors own 90.43% 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.

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