Somewhat Positive News Coverage Somewhat Unlikely to Affect Patrick Industries (PATK) Share Price
News headlines about Patrick Industries (NASDAQ:PATK) have trended somewhat positive this week, Accern Sentiment reports. Accern ranks the sentiment of media coverage by analyzing more than 20 million blog and news sources in real time. Accern ranks coverage of public companies on a scale of -1 to 1, with scores closest to one being the most favorable. Patrick Industries earned a news sentiment score of 0.24 on Accern’s scale. Accern also gave media coverage about the construction company an impact score of 45.9811924527527 out of 100, meaning that recent media coverage is somewhat unlikely to have an effect on the company’s share price in the next few days.
These are some of the news headlines that may have impacted Accern’s analysis:
- Patrick Industries, Inc. Announces Fourth Quarter 2017 Earnings Release and Conference Call Webcast on February 15, 2018 (finance.yahoo.com)
- Share Buyback Plan Authorized by Patrick Industries (PATK) (americanbankingnews.com)
- Patrick Industries, Inc. (PATK) Given Consensus Recommendation of “Buy” by Brokerages (americanbankingnews.com)
- Patrick Industries, Inc. Announces New $50 Million Stock Buyback Program (finance.yahoo.com)
- Patrick Industries (PATK) Price Target Increased to $80.00 by Analysts at Bank of America (americanbankingnews.com)
PATK has been the topic of several recent analyst reports. Robert W. Baird reissued a “buy” rating on shares of Patrick Industries in a research note on Thursday, October 12th. KeyCorp initiated coverage on Patrick Industries in a research note on Friday, December 15th. They issued an “overweight” rating and a $80.00 target price on the stock. Wells Fargo & Co reissued a “market perform” rating and issued a $66.00 target price (down from $90.00) on shares of Patrick Industries in a research note on Thursday, December 14th. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Thursday, October 26th. Finally, Bank of America raised their target price on Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Two 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 a consensus price target of $72.40.
Patrick Industries announced that its board has authorized a stock buyback plan on Tuesday, January 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In other Patrick Industries news, EVP Jeff Rodino sold 11,500 shares of Patrick Industries stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $99.00, for a total transaction of $1,138,500.00. Following the sale, the executive vice president now directly owns 63,815 shares of the company’s stock, valued at approximately $6,317,685. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph M. Cerulli sold 3,223 shares of Patrick Industries stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $97.64, for a total value of $314,693.72. Following the sale, the director now directly owns 25,237 shares in the company, valued at $2,464,140.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,234 shares of company stock worth $2,485,568. Insiders own 5.20% of the company’s stock.
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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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