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

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

Several other analysts have also weighed in on the company. Benchmark reissued a “buy” rating and issued a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. BMO Capital Markets decreased their target price on Patrick Industries from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, October 13th. Raymond James Financial reiterated an “outperform” rating on shares of Patrick Industries in a report on Thursday, October 29th. Wall Street Zen lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Finally, KeyCorp decreased their price objective on shares of Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $103.00.

Patrick Industries Stock Up 4.0%

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

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 29th. The construction company reported $1.03 earnings per share (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 net margin of 3.38% and a return on equity of 12.61%. The firm’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the prior year, the company posted $1.01 earnings per share. On average, equities research analysts predict that Patrick Industries will post 4.24 earnings per share for the current fiscal year.

Institutional Trading of Patrick Industries

Several hedge funds have recently made changes to their positions in the stock. Persistent Asset Partners Ltd acquired a new position in shares of Patrick Industries during the second quarter valued at $25,000. Heritage Family Offices LLP bought a new position in shares of Patrick Industries during the third quarter worth about $28,000. Integrated Wealth Concepts LLC bought a new position in shares of Patrick Industries during the second quarter worth about $34,000. Fulcrum Asset Management LLP acquired a new stake in shares of Patrick Industries in the 3rd quarter worth about $36,000. Finally, State of Wyoming acquired a new stake in shares of Patrick Industries in the 2nd quarter worth about $52,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.