BidaskClub upgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a buy rating in a report published on Wednesday.
PATK has been the subject of a number of other research reports. Robert W. Baird reissued a buy rating on shares of Patrick Industries in a report on Friday, February 16th. ValuEngine raised shares of Patrick Industries from a hold rating to a buy rating in a report on Monday, December 11th. Zacks Investment Research lowered shares of Patrick Industries from a buy rating to a hold rating in a report on Wednesday, February 14th. Bank of America raised their price target on shares of Patrick Industries from $75.00 to $80.00 and gave the company a buy rating in a report on Wednesday, January 24th. Finally, Wells Fargo reissued a market perform rating and issued a $66.00 price target (down previously from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $74.60.
Shares of Patrick Industries (PATK) opened at $67.00 on Wednesday. The company has a quick ratio of 0.72, a current ratio of 2.01 and a debt-to-equity ratio of 0.91. The firm has a market cap of $1,678.55, a P/E ratio of 19.25, a P/E/G ratio of 1.43 and a beta of 0.89. Patrick Industries has a fifty-two week low of $40.07 and a fifty-two week high of $72.35.
Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 15th. The construction company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.14. The business had revenue of $475.57 million during the quarter, compared to analyst estimates of $415.87 million. Patrick Industries had a net margin of 5.24% and a return on equity of 23.60%. Patrick Industries’s revenue for the quarter was up 46.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.59 earnings per share. research analysts expect that Patrick Industries will post 4.17 EPS for the current year.
Patrick Industries declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
In other Patrick Industries news, Director M Scott Welch acquired 5,550 shares of Patrick Industries stock in a transaction on Friday, March 2nd. The shares were purchased at an average cost of $60.60 per share, with a total value of $336,330.00. Following the completion of the purchase, the director now owns 63,862 shares in the company, valued at $3,870,037.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.20% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. Wasatch Advisors Inc. boosted its stake in Patrick Industries by 61.5% in the fourth quarter. Wasatch Advisors Inc. now owns 66,270 shares of the construction company’s stock valued at $4,602,000 after acquiring an additional 25,243 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Patrick Industries by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 675,042 shares of the construction company’s stock worth $56,771,000 after purchasing an additional 2,083 shares in the last quarter. New Amsterdam Partners LLC NY boosted its position in shares of Patrick Industries by 50.0% during the fourth quarter. New Amsterdam Partners LLC NY now owns 142,289 shares of the construction company’s stock worth $9,882,000 after purchasing an additional 47,413 shares in the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Patrick Industries by 13.1% during the fourth quarter. Crossmark Global Holdings Inc. now owns 7,940 shares of the construction company’s stock worth $551,000 after purchasing an additional 920 shares in the last quarter. Finally, FDx Advisors Inc. boosted its position in shares of Patrick Industries by 89.8% during the fourth quarter. FDx Advisors Inc. now owns 4,901 shares of the construction company’s stock worth $340,000 after purchasing an additional 2,319 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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