Patrick Industries (NASDAQ:PATK) Stock Rating Raised to Hold at Zacks Research

Patrick Industries (NASDAQ:PATK) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday, Zacks reports.

Several other research analysts have also recently issued reports on PATK. KeyCorp decreased their price target on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 8th. Roth Capital restated a “buy” rating and set a $96.00 price objective on shares of Patrick Industries in a research note on Tuesday, October 27th. Truist Financial set a $88.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a report on Friday, October 23rd. Weiss Ratings downgraded shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. Finally, Northcoast Research set a $121.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a research report on Tuesday, September 1st. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $103.00.

Patrick Industries Stock Performance

Shares of PATK stock opened at $84.68 on Tuesday. Patrick Industries has a 12-month low of $63.00 and a 12-month high of $148.50. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 21.99, a price-to-earnings-growth ratio of 2.11 and a beta of 1.21. The business has a 50 day simple moving average of $72.23 and a 200 day simple moving average of $95.34. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.51 and a quick ratio of 0.86.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 29th. The construction company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.97 by $0.06. The firm had revenue of $975.28 million for the quarter, compared to analysts’ expectations of $938.49 million. Patrick Industries had a return on equity of 12.61% and a net margin of 3.38%. The firm’s revenue was up .0% compared to the same quarter last year. During the same period last year, the firm earned $1.01 EPS. On average, equities research analysts anticipate that Patrick Industries will post 4.24 EPS for the current year.

Institutional Investors Weigh In On Patrick Industries

Institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its stake in Patrick Industries by 1.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 15,490 shares of the construction company’s stock valued at $1,050,000 after purchasing an additional 182 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Patrick Industries during the 2nd quarter valued at $25,000. Integrated Wealth Concepts LLC bought a new stake in shares of Patrick Industries in the 2nd quarter worth $34,000. Heritage Family Offices LLP bought a new stake in shares of Patrick Industries in the 3rd quarter worth $28,000. Finally, Pictet Asset Management Holding SA raised its stake in shares of Patrick Industries by 9.5% in the 1st quarter. Pictet Asset Management Holding SA now owns 5,245 shares of the construction company’s stock worth $583,000 after buying an additional 453 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

About Patrick Industries

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.