Patrick Industries (PATK) Given “Buy” Rating at Robert W. Baird
Robert W. Baird reiterated their buy rating on shares of Patrick Industries (NASDAQ:PATK) in a research report released on Friday morning. Robert W. Baird currently has a $72.00 target price on the construction company’s stock.
Several other equities analysts have also weighed in on PATK. Zacks Investment Research lowered Patrick Industries from a buy rating to a hold rating in a report on Friday, August 25th. Bank of America raised their target price on Patrick Industries from $56.67 to $62.00 and gave the company a buy rating in a report on Tuesday, October 24th. ValuEngine upgraded Patrick Industries from a hold rating to a buy rating in a research note on Monday, December 11th. Wells Fargo & Co reiterated a market perform rating and issued a $66.00 price objective (down from $90.00) on shares of Patrick Industries in a research note on Thursday, December 14th. Finally, KeyCorp started coverage on Patrick Industries in a research note on Friday, December 15th. They issued an overweight rating and a $80.00 price objective on the stock. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Patrick Industries currently has an average rating of Buy and a consensus target price of $68.80.
Patrick Industries (NASDAQ:PATK) traded up $0.15 on Friday, reaching $68.65. The company had a trading volume of 117,500 shares, compared to its average volume of 177,416. The firm has a market capitalization of $1,732.23, a PE ratio of 23.56, a price-to-earnings-growth ratio of 1.96 and a beta of 0.99. Patrick Industries has a 52-week low of $40.07 and a 52-week high of $69.72. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.72.
Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 26th. The construction company reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.10. Patrick Industries had a return on equity of 24.60% and a net margin of 4.73%. The company had revenue of $407.50 million for the quarter, compared to analyst estimates of $371.98 million. During the same period last year, the company earned $0.53 earnings per share. The business’s revenue was up 34.0% compared to the same quarter last year. research analysts forecast that Patrick Industries will post 3.05 earnings per share for the current year.
In other Patrick Industries news, Director John A. Forbes sold 1,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $65.80, for a total transaction of $65,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Andy L. Nemeth sold 7,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $83.58, for a total value of $585,060.00. Following the sale, the president now directly owns 69,193 shares in the company, valued at $5,783,150.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 192,660 shares of company stock worth $16,795,863. 5.20% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. boosted its holdings in shares of Patrick Industries by 13.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after acquiring an additional 168 shares in the last quarter. Pinebridge Investments L.P. raised its position in Patrick Industries by 10.0% in the 2nd 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 during the last quarter. Advisor Group Inc. raised its position in Patrick Industries by 12.1% in the 2nd quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock worth $168,000 after purchasing an additional 247 shares during the last quarter. Pacad Investment Ltd. raised its position in Patrick Industries by 76.9% in the 2nd 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 during the last quarter. Finally, UBS Asset Management Americas Inc. bought a new position in Patrick Industries in the 2nd quarter worth approximately $202,000. 59.53% of the stock is currently owned by institutional investors.
Patrick Industries Company Profile
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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