Patrick Industries, Inc. (NASDAQ:PATK) Receives $49.75 Average PT from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given an average rating of “Hold” by the eight brokerages that are presently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $49.75.

A number of brokerages recently weighed in on PATK. Zacks Investment Research downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. ValuEngine raised Patrick Industries from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 31st. Robert W. Baird raised their price objective on Patrick Industries from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. They noted that the move was a valuation call. TheStreet downgraded Patrick Industries from a “b-” rating to a “c+” rating in a research note on Friday, August 2nd. Finally, BidaskClub downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research note on Friday.

Shares of PATK traded up $0.38 during midday trading on Tuesday, reaching $49.92. 173,200 shares of the stock were exchanged, compared to its average volume of 223,932. Patrick Industries has a 12-month low of $27.32 and a 12-month high of $55.87. The firm has a 50 day simple moving average of $45.52 and a 200-day simple moving average of $43.98. The company has a quick ratio of 1.31, a current ratio of 2.61 and a debt-to-equity ratio of 1.51. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 10.74, a P/E/G ratio of 1.95 and a beta of 2.16.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 24th. The construction company reported $0.92 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.04). Patrick Industries had a return on equity of 20.73% and a net margin of 4.16%. The firm had revenue of $566.19 million for the quarter, compared to analysts’ expectations of $576.97 million. During the same period last year, the business earned $1.15 earnings per share. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. Research analysts expect that Patrick Industries will post 3.75 earnings per share for the current fiscal year.

In other Patrick Industries news, Director Jeffrey L. Et Al Gendell sold 22,769 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $52.29, for a total value of $1,190,591.01. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $48.09, for a total value of $480,900.00. Following the completion of the sale, the chief executive officer now directly owns 669,053 shares in the company, valued at approximately $32,174,758.77. The disclosure for this sale can be found here. Insiders sold a total of 109,149 shares of company stock worth $5,461,683 over the last three months. 7.60% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Patrick Industries by 0.8% in the 2nd quarter. BlackRock Inc. now owns 3,334,069 shares of the construction company’s stock valued at $164,002,000 after buying an additional 26,617 shares during the last quarter. Vanguard Group Inc. grew its holdings in Patrick Industries by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 1,509,442 shares of the construction company’s stock valued at $74,250,000 after buying an additional 53,065 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Patrick Industries by 2.7% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 809,549 shares of the construction company’s stock valued at $39,822,000 after buying an additional 21,029 shares during the last quarter. State of New Jersey Common Pension Fund D grew its holdings in Patrick Industries by 1.7% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 590,000 shares of the construction company’s stock valued at $29,022,000 after buying an additional 10,000 shares during the last quarter. Finally, GW&K Investment Management LLC grew its holdings in Patrick Industries by 8.3% in the 3rd quarter. GW&K Investment Management LLC now owns 519,153 shares of the construction company’s stock valued at $22,262,000 after buying an additional 39,888 shares during the last quarter. 88.45% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

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; decorative vinyl and paper laminated panels; 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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