Patrick Industries (NASDAQ:PATK) Downgraded by Zacks Research to Strong Sell

Zacks Research downgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a strong sell rating in a research report report published on Tuesday morning,Zacks.com reports.

Several other research firms have also recently weighed in on PATK. Benchmark decreased their price objective on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a report on Friday, May 1st. KeyCorp decreased their price objective on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Truist Financial set a $126.00 price objective on shares of Patrick Industries in a report on Friday, January 9th. Raymond James Financial set a $108.00 price objective on shares of Patrick Industries in a report on Friday, May 1st. Finally, Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a report on Friday, May 1st. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $122.63.

Patrick Industries Trading Up 6.5%

Shares of NASDAQ PATK opened at $95.90 on Tuesday. The firm’s 50 day moving average price is $110.81 and its 200-day moving average price is $113.96. The company has a market cap of $3.18 billion, a PE ratio of 24.59 and a beta of 1.12. Patrick Industries has a 52-week low of $80.35 and a 52-week high of $148.50. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. The firm had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business’s revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.11 earnings per share. On average, equities research analysts expect that Patrick Industries will post 4.94 EPS for the current fiscal year.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director Blake Augsburger bought 400 shares of Patrick Industries stock in a transaction on Tuesday, May 5th. The stock was acquired at an average cost of $85.19 per share, with a total value of $34,076.00. Following the completion of the acquisition, the director owned 2,125 shares in the company, valued at approximately $181,028.75. This represents a 23.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director M Scott Welch bought 10,050 shares of Patrick Industries stock in a transaction on Tuesday, May 5th. The shares were acquired at an average cost of $88.23 per share, with a total value of $886,711.50. Following the completion of the acquisition, the director owned 156,000 shares of the company’s stock, valued at $13,763,880. The trade was a 6.89% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders bought 38,310 shares of company stock valued at $3,681,205 and sold 20,121 shares valued at $2,477,337. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Patrick Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PATK. Wellington Management Group LLP increased its holdings in Patrick Industries by 19.9% during the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock valued at $240,401,000 after buying an additional 367,802 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Patrick Industries by 12,134.2% in the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock worth $28,123,000 after purchasing an additional 257,245 shares in the last quarter. Capital Research Global Investors increased its stake in shares of Patrick Industries by 24.4% in the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after purchasing an additional 223,014 shares in the last quarter. Bessemer Group Inc. increased its stake in shares of Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock worth $16,255,000 after purchasing an additional 145,863 shares in the last quarter. Finally, Tributary Capital Management LLC increased its stake in shares of Patrick Industries by 52.0% in the third quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock worth $38,435,000 after purchasing an additional 127,099 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

More Patrick Industries News

Here are the key news stories impacting Patrick Industries this week:

• Positive Sentiment: Large coordinated insider buying — insiders bought roughly $2.3M+ of stock last week, led by CEO Andy Nemeth (10,000 shares, ~$880k), director M. Scott Welch (10,050 shares, ~$887k) and Charles R. Roeder (President – RV; 5,750 shares, ~$505k). Market reaction appears driven by this show of leadership conviction in the company’s outlook. Quiver Quantitative coverage of insider cluster buying
• Positive Sentiment: Additional insider purchases include CFO Matthew S. Filer (1,000 shares) and director Blake Augsburger (400 shares), reinforcing the buy signal from multiple senior executives. SEC filings for these purchases provide direct confirmation. Filer SEC filing Augsburger SEC filing
• Neutral Sentiment: Analyst context — several firms maintain higher price targets (median ~$137.50 across recent notes), suggesting upside vs. current levels but also reflecting mixed views on cyclicality and near-term revenue trends. This background may support longer-term investor interest but is not the immediate catalyst. Quiver Quantitative analyst target summary
• Negative Sentiment: Offsetting factors — Quiver notes notable insider sales and sizable institutional trimming in recent quarters (e.g., large reductions by FMR, Macquarie, T. Rowe Price), which could keep selling pressure and volatility elevated despite the buy signal. Investors should weigh whether current insider buys represent new conviction or opportunistic accumulation amid broader selling. Quiver Quantitative institutional and insider activity

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.