Patrick Industries (NASDAQ:PATK) was upgraded by Bank of America from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, The Fly reports.
PATK has been the topic of several other reports. Wells Fargo & Co increased their target price on shares of Patrick Industries from $33.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. BofA Securities upgraded Patrick Industries from an “underperform” rating to a “neutral” rating in a research note on Thursday. ValuEngine upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research note on Friday, June 5th. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Tuesday, June 16th. Finally, Sidoti raised their target price on Patrick Industries from $51.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $54.67.
NASDAQ PATK opened at $65.20 on Thursday. The company’s 50-day moving average price is $57.22 and its 200-day moving average price is $47.69. The company has a current ratio of 2.32, a quick ratio of 1.17 and a debt-to-equity ratio of 1.50. The stock has a market cap of $1.45 billion, a PE ratio of 16.85 and a beta of 2.48. Patrick Industries has a 12 month low of $16.70 and a 12 month high of $65.39.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $0.91 EPS for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.17. The firm had revenue of $589.23 million for the quarter, compared to analysts’ expectations of $584.16 million. Patrick Industries had a net margin of 3.88% and a return on equity of 18.62%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. As a group, sell-side analysts forecast that Patrick Industries will post 2.18 earnings per share for the current year.
In other Patrick Industries news, CFO Joshua A. Boone sold 3,610 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $60.00, for a total transaction of $216,600.00. Following the sale, the chief financial officer now owns 50,284 shares of the company’s stock, valued at $3,017,040. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Todd M. Cleveland sold 1,650 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $61.16, for a total transaction of $100,914.00. Following the sale, the chairman now directly owns 297,730 shares in the company, valued at approximately $18,209,166.80. The disclosure for this sale can be found here. Insiders sold 29,533 shares of company stock valued at $1,805,290 in the last quarter. 7.60% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. USA Financial Portformulas Corp acquired a new position in shares of Patrick Industries during the 1st quarter valued at $27,000. Acadian Asset Management LLC bought a new position in Patrick Industries during the 1st quarter worth approximately $38,000. First Quadrant L P CA bought a new position in Patrick Industries during the 1st quarter worth approximately $51,000. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Patrick Industries by 6.6% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,828 shares of the construction company’s stock worth $149,000 after buying an additional 174 shares during the last quarter. Finally, Advisor Group Holdings Inc. bought a new position in Patrick Industries during the 1st quarter worth approximately $103,000. 88.16% of the stock is currently owned by institutional investors.
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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