Patrick Industries (PATK) Lifted to Buy at ValuEngine

Patrick Industries (NASDAQ:PATK) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

A number of other analysts have also recently commented on PATK. Zacks Investment Research cut Patrick Industries from a “buy” rating to a “hold” rating in a research report on Friday, August 18th. Robert W. Baird reiterated a “buy” rating on shares of Patrick Industries in a research report on Thursday, October 12th. Finally, Bank of America upped their price objective on Patrick Industries from $56.67 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, October 24th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $56.33.

Patrick Industries (NASDAQ:PATK) traded down $0.13 during trading on Monday, reaching $65.70. The company had a trading volume of 167,154 shares, compared to its average volume of 176,927. The stock has a market capitalization of $1,110.00, a PE ratio of 22.60, a PEG ratio of 2.07 and a beta of 0.99. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.00 and a current ratio of 2.23. Patrick Industries has a 12 month low of $40.07 and a 12 month high of $68.63.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 26th. The construction company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. The company had revenue of $407.50 million during the quarter, compared to analysts’ expectations of $371.98 million. Patrick Industries had a return on equity of 24.60% and a net margin of 4.73%. Patrick Industries’s revenue for the quarter was up 34.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.53 earnings per share. equities research analysts anticipate that Patrick Industries will post 4.53 EPS for the current fiscal year.

In other Patrick Industries news, President Andy L. Nemeth sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $79.95, for a total value of $799,500.00. Following the completion of the sale, the president now owns 79,193 shares in the company, valued at $6,331,480.35. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Jeff Rodino sold 3,511 shares of the company’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $102.22, for a total value of $358,894.42. Following the completion of the sale, the executive vice president now owns 75,315 shares of the company’s stock, valued at approximately $7,698,699.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 246,660 shares of company stock valued at $21,063,438. Company insiders own 5.20% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Ameritas Investment Partners Inc. increased its position in Patrick Industries by 13.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after buying an additional 168 shares in the last quarter. Pinebridge Investments L.P. grew its position in shares of Patrick Industries by 10.0% during the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock worth $153,000 after purchasing an additional 191 shares in the last quarter. Advisor Group Inc. grew its position in shares of Patrick Industries by 12.1% during the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock worth $168,000 after purchasing an additional 247 shares in the last quarter. Pacad Investment Ltd. grew its position in shares of Patrick Industries by 76.9% during the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock worth $168,000 after purchasing an additional 1,000 shares in the last quarter. Finally, UBS Asset Management Americas Inc. purchased a new stake in shares of Patrick Industries during the second quarter worth about $202,000. Institutional investors and hedge funds own 89.33% of the company’s stock.

TRADEMARK VIOLATION NOTICE: “Patrick Industries (PATK) Lifted to Buy at ValuEngine” was first reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this report on another website, it was illegally stolen and reposted in violation of U.S. and international copyright & trademark law. The legal version of this report can be accessed at https://www.dispatchtribunal.com/2017/12/11/patrick-industries-patk-lifted-to-buy-at-valuengine.html.

About Patrick Industries

Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.

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

Leave a Reply