Patrick Industries (NASDAQ:PATK) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the company. Roth Capital reiterated a “buy” rating and issued a $96.00 price objective on shares of Patrick Industries in a research report on Tuesday, October 27th. Northcoast Research set a $121.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a report on Tuesday, September 1st. Truist Financial set a $88.00 price target on Patrick Industries and gave the company a “buy” rating in a research report on Friday, October 23rd. Raymond James Financial reissued an “outperform” rating on shares of Patrick Industries in a research note on Thursday. Finally, BMO Capital Markets decreased their target price on shares of Patrick Industries from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 13th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and a consensus price target of $103.00.

Patrick Industries Price Performance

PATK stock opened at $81.75 on Friday. Patrick Industries has a 52-week low of $63.00 and a 52-week high of $148.50. The company has a fifty day moving average price of $72.32 and a 200-day moving average price of $95.74. The company has a market capitalization of $2.63 billion, a P/E ratio of 21.23 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 29th. The construction company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. The company had revenue of $975.28 million for the quarter, compared to the consensus estimate of $938.49 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. Patrick Industries’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.01 EPS. As a group, equities analysts expect that Patrick Industries will post 4.19 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Monday, August 24th. Patrick Industries’s payout ratio is 48.83%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new stake in Patrick Industries in the second quarter worth $65,138,000. Bank of America Corp DE bought a new stake in shares of Patrick Industries during the second quarter worth $30,646,000. The Manufacturers Life Insurance Company purchased a new position in Patrick Industries during the second quarter valued at approximately $27,166,000. 1ST Source Bank acquired a new position in Patrick Industries during the 2nd quarter valued at approximately $9,485,000. Finally, Copeland Capital Management LLC increased its holdings in Patrick Industries by 17.6% in the 1st quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company’s stock worth $62,589,000 after buying an additional 84,508 shares during the period. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.

Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.