BidaskClub Upgrades Patrick Industries (NASDAQ:PATK) to “Buy”

Patrick Industries (NASDAQ:PATK) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, March 14th.

PATK has been the subject of a number of other research reports. Bank of America boosted their target price on shares of Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Robert W. Baird reissued a “buy” rating and set a $72.00 target price on shares of Patrick Industries in a research report on Friday, December 22nd. Wells Fargo reissued a “market perform” rating and set a $66.00 target price (down previously from $90.00) on shares of Patrick Industries in a research report on Thursday, December 14th. ValuEngine raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Finally, KeyCorp assumed coverage on shares of Patrick Industries in a research report on Friday, December 15th. They set an “overweight” rating and a $80.00 target price for the company. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $74.60.

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NASDAQ:PATK traded down $1.55 during trading hours on Wednesday, reaching $60.70. The company’s stock had a trading volume of 189,707 shares, compared to its average volume of 199,750. The stock has a market capitalization of $1,546.09, a PE ratio of 19.03, a P/E/G ratio of 1.27 and a beta of 0.83. Patrick Industries has a one year low of $40.07 and a one year high of $72.35. The company has a current ratio of 2.01, a quick ratio of 0.72 and a debt-to-equity ratio of 0.91.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 15th. The construction company reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.14. The firm had revenue of $475.57 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.59 earnings per share. sell-side analysts forecast that Patrick Industries will post 4.17 earnings per share for the current fiscal year.

Patrick Industries declared that its Board of Directors has approved a share buyback plan on Tuesday, January 30th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

In related news, Director M Scott Welch acquired 5,550 shares of the business’s stock in a transaction dated Friday, March 2nd. The stock was acquired at an average price of $60.60 per share, with a total value of $336,330.00. Following the completion of the transaction, the director now owns 63,862 shares of the company’s stock, valued at $3,870,037.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Courtney Blosser sold 2,000 shares of the company’s stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $67.32, for a total transaction of $134,640.00. Following the transaction, the insider now directly owns 41,965 shares of the company’s stock, valued at approximately $2,825,083.80. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Catalyst Capital Advisors LLC acquired a new position in Patrick Industries in the fourth quarter worth about $160,000. 361 Capital LLC acquired a new position in Patrick Industries in the third quarter worth about $206,000. Quadrature Capital Ltd acquired a new position in Patrick Industries in the fourth quarter worth about $210,000. Xact Kapitalforvaltning AB acquired a new position in Patrick Industries in the fourth quarter worth about $216,000. Finally, M&T Bank Corp acquired a new position in Patrick Industries in the fourth quarter worth about $224,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

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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; 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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