Zacks Investment Research upgraded shares of Patrick Industries, Inc. (NASDAQ:PATK) from a hold rating to a buy rating in a research report released on Saturday morning. The brokerage currently has $83.00 target price on the construction company’s stock.

According to Zacks, “PATRICK INDUSTRIES, INC. is a manufacturer and supplier of building products and materials to the manufactured housing and recreational vehicle industries. In addition, they are expanding as a supplier to certain other industrial markets, such as furniture manufacturing, marine and the automotive aftermarket. They manufacture decorative vinyl and paper panels, cabinet doors, countertops, aluminum extrusions, drawer sides and wood adhesives. “

PATK has been the subject of a number of other reports. BidaskClub raised Patrick Industries from a hold rating to a buy rating in a research report on Friday, June 9th. Wells Fargo & Company reissued a market perform rating and issued a $75.00 target price (up from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $78.00.

Patrick Industries (PATK) opened at 77.80 on Friday. Patrick Industries has a one year low of $50.80 and a one year high of $86.10. The firm has a 50-day moving average price of $73.03 and a 200-day moving average price of $71.46. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 19.02 and a beta of 0.91.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.12. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The business had revenue of $407.20 million during the quarter, compared to the consensus estimate of $384.54 million. During the same period last year, the business posted $1.10 earnings per share. The business’s revenue for the quarter was up 29.2% on a year-over-year basis. Analysts expect that Patrick Industries will post $4.35 EPS for the current year.

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In other news, Director Walter E. Wells sold 3,000 shares of Patrick Industries stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $72.12, for a total value of $216,360.00. Following the completion of the transaction, the director now directly owns 44,240 shares in the company, valued at $3,190,588.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Joshua A. Boone sold 520 shares of Patrick Industries stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $73.00, for a total value of $37,960.00. Following the completion of the transaction, the vice president now owns 7,445 shares of the company’s stock, valued at $543,485. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,120 shares of company stock valued at $1,966,440. 6.20% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Alps Advisors Inc. grew its position in shares of Patrick Industries by 0.3% in the second quarter. Alps Advisors Inc. now owns 6,879 shares of the construction company’s stock valued at $501,000 after purchasing an additional 18 shares in the last quarter. Texas Permanent School Fund grew its position in shares of Patrick Industries by 0.6% in the second quarter. Texas Permanent School Fund now owns 11,624 shares of the construction company’s stock valued at $847,000 after purchasing an additional 71 shares in the last quarter. Aperio Group LLC grew its position in shares of Patrick Industries by 2.9% in the second quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock valued at $223,000 after purchasing an additional 85 shares in the last quarter. California Public Employees Retirement System grew its position in shares of Patrick Industries by 0.3% in the second quarter. California Public Employees Retirement System now owns 33,000 shares of the construction company’s stock valued at $2,404,000 after purchasing an additional 100 shares in the last quarter. Finally, Ameritas Investment Partners Inc. grew its position in shares of Patrick Industries by 13.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after purchasing an additional 168 shares in the last quarter. Institutional investors own 89.73% of the company’s stock.

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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