Patrick Industries, Inc. (NASDAQ:PATK) has been assigned a consensus rating of “Hold” from the eight ratings firms that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $78.00.

Several research firms recently weighed in on PATK. BidaskClub lowered Patrick Industries from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 9th. Zacks Investment Research lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Sidoti decreased their price target on Patrick Industries from $90.00 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, October 23rd. Finally, ValuEngine lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd.

In other Patrick Industries news, Director M Scott Welch bought 3,080 shares of Patrick Industries stock in a transaction on Wednesday, October 31st. The shares were acquired at an average price of $43.68 per share, for a total transaction of $134,534.40. Following the completion of the purchase, the director now directly owns 73,032 shares in the company, valued at approximately $3,190,037.76. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Walter E. Wells sold 4,000 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $64.10, for a total value of $256,400.00. Following the completion of the sale, the director now owns 61,030 shares in the company, valued at approximately $3,912,023. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in PATK. Russell Investments Group Ltd. increased its stake in Patrick Industries by 32.9% in the first quarter. Russell Investments Group Ltd. now owns 5,404 shares of the construction company’s stock worth $334,000 after purchasing an additional 1,337 shares during the period. Sei Investments Co. increased its stake in Patrick Industries by 124.5% in the first quarter. Sei Investments Co. now owns 3,374 shares of the construction company’s stock worth $209,000 after purchasing an additional 1,871 shares during the period. The Manufacturers Life Insurance Company increased its stake in Patrick Industries by 230.1% in the first quarter. The Manufacturers Life Insurance Company now owns 60,995 shares of the construction company’s stock worth $3,774,000 after purchasing an additional 42,515 shares during the period. Legal & General Group Plc increased its stake in Patrick Industries by 18.5% in the first quarter. Legal & General Group Plc now owns 51,564 shares of the construction company’s stock worth $3,186,000 after purchasing an additional 8,064 shares during the period. Finally, Xact Kapitalforvaltning AB increased its stake in Patrick Industries by 29.0% in the first quarter. Xact Kapitalforvaltning AB now owns 4,008 shares of the construction company’s stock worth $248,000 after purchasing an additional 900 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Shares of NASDAQ PATK traded down $0.84 during midday trading on Friday, reaching $46.83. 284,050 shares of the stock traded hands, compared to its average volume of 326,310. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.85 and a current ratio of 2.24. The company has a market capitalization of $1.15 billion, a P/E ratio of 14.73, a P/E/G ratio of 0.67 and a beta of 1.19. Patrick Industries has a one year low of $39.66 and a one year high of $72.35.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 25th. The construction company reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.09. Patrick Industries had a return on equity of 28.73% and a net margin of 5.52%. The firm had revenue of $575.14 million during the quarter, compared to the consensus estimate of $565.23 million. As a group, equities analysts predict that Patrick Industries will post 4.72 EPS for the current fiscal year.

About Patrick Industries

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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Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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