Patrick Industries (PATK) Upgraded by BidaskClub to Hold

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Patrick Industries (NASDAQ:PATK) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

A number of other research analysts have also commented on the stock. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Friday, July 27th. ValuEngine lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Monday, June 4th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Patrick Industries presently has an average rating of “Buy” and an average price target of $73.20.

Shares of NASDAQ:PATK opened at $62.25 on Tuesday. Patrick Industries has a 12 month low of $45.30 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 firm has a market cap of $1.54 billion, a P/E ratio of 19.58, a P/E/G ratio of 1.00 and a beta of 0.76.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, July 26th. The construction company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.21. Patrick Industries had a net margin of 5.49% and a return on equity of 27.49%. The firm had revenue of $604.88 million for the quarter, compared to analyst estimates of $553.60 million. During the same period last year, the business earned $1.23 EPS. Patrick Industries’s revenue for the quarter was up 48.6% compared to the same quarter last year. equities analysts expect that Patrick Industries will post 4.64 EPS for the current fiscal year.

In other Patrick Industries news, Director Walter E. Wells sold 3,000 shares of Patrick Industries stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $60.37, for a total value of $181,110.00. Following the transaction, the director now directly owns 65,030 shares in the company, valued at $3,925,861.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 5.60% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Itau Unibanco Holding S.A. acquired a new position in Patrick Industries in the second quarter valued at $117,000. Edge Wealth Management LLC increased its stake in Patrick Industries by 7,692.3% in the second 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 during the period. Sei Investments Co. increased its stake in Patrick Industries by 124.5% in the first 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 during the period. Mount Yale Investment Advisors LLC acquired a new position in Patrick Industries in the first quarter valued at $214,000. Finally, Xact Kapitalforvaltning AB acquired a new position in Patrick Industries in the fourth quarter valued at $216,000. Institutional investors own 92.21% of the company’s stock.

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; 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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