Patrick Industries (PATK) Given New $81.00 Price Target at Sidoti

Patrick Industries (NASDAQ:PATK) had its target price reduced by Sidoti from $90.00 to $81.00 in a report published on Tuesday. They currently have a buy rating on the construction company’s stock.

PATK has been the subject of a number of other research reports. ValuEngine lowered shares of Patrick Industries from a hold rating to a sell rating in a report on Tuesday, October 2nd. BidaskClub lowered shares of Patrick Industries from a hold rating to a sell rating in a report on Wednesday, September 26th. Finally, Zacks Investment Research lowered shares of Patrick Industries from a strong-buy rating to a hold rating in a report on Wednesday, October 17th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $74.50.

Shares of PATK stock traded down $1.28 during trading hours on Tuesday, reaching $42.80. 4,976 shares of the stock were exchanged, compared to its average volume of 239,879. Patrick Industries has a 12-month low of $43.47 and a 12-month high of $72.35. The company has a current ratio of 2.23, a quick ratio of 0.87 and a debt-to-equity ratio of 1.43. The stock has a market cap of $1.20 billion, a PE ratio of 13.68, a P/E/G ratio of 0.69 and a beta of 0.82.



Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 25th. The construction company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.09. Patrick Industries had a net margin of 5.49% and a return on equity of 27.49%. The firm had revenue of $575.14 million during the quarter, compared to analysts’ expectations of $565.23 million. Sell-side analysts forecast that Patrick Industries will post 4.75 EPS for the current year.

In related news, Director Walter E. Wells sold 4,000 shares of Patrick Industries stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $64.10, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.60% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in PATK. Itau Unibanco Holding S.A. bought a new stake in shares of Patrick Industries in the 2nd quarter valued at about $117,000. First Hawaiian Bank bought a new stake in shares of Patrick Industries in the 3rd quarter valued at about $167,000. Edge Wealth Management LLC raised its holdings in shares of Patrick Industries by 7,692.3% in the 2nd quarter. Edge Wealth Management LLC now owns 3,039 shares of the construction company’s stock valued at $173,000 after purchasing an additional 3,000 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Patrick Industries by 124.5% in the 1st quarter. Sei Investments Co. now owns 3,374 shares of the construction company’s stock valued at $209,000 after purchasing an additional 1,871 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new stake in shares of Patrick Industries in the 1st quarter valued at about $214,000. Institutional investors own 92.12% of the company’s stock.

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.

Featured Article: Conference Calls

Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply