Patrick Industries (NASDAQ:PATK) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research note published on Thursday.

Several other analysts also recently issued reports on the company. DA Davidson lifted their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Truist Financial lifted their target price on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Robert W. Baird upped their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Benchmark reaffirmed a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research note on Monday, November 4th. Finally, Raymond James cut their price objective on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $139.88.

Patrick Industries Stock Down 2.0 %

NASDAQ:PATK opened at $128.50 on Thursday. Patrick Industries has a 1 year low of $80.62 and a 1 year high of $148.35. The stock has a 50-day moving average price of $136.41 and a two-hundred day moving average price of $123.49. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 1.36 and a beta of 1.62. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.03). The business had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. Patrick Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.81 earnings per share. As a group, equities analysts expect that Patrick Industries will post 6.43 earnings per share for the current year.

Insider Buying and Selling

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The trade was a 12.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the sale, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. This represents a 8.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,411 shares of company stock worth $3,858,915. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Institutional investors and hedge funds have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. bought a new stake in Patrick Industries in the 2nd quarter valued at $41,000. Sound Income Strategies LLC acquired a new stake in shares of Patrick Industries during the third quarter worth $46,000. GAMMA Investing LLC boosted its position in shares of Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after acquiring an additional 205 shares during the period. UMB Bank n.a. grew its stake in shares of Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after acquiring an additional 362 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its position in Patrick Industries by 21.4% during the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after acquiring an additional 139 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.