Patrick Industries (NASDAQ:PATK – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday, Zacks.com reports. The firm currently has a $78.00 price target on the construction company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.78% from the company’s current price.
According to Zacks, “Patrick Industries, Inc. is a major manufacturer of component products and distributor of building products and materials for the Recreational Vehicle, Manufactured Housing and Marine industries. The Company also supplies many of its products to certain Industrial markets that include customers in the kitchen cabinet, office and household furniture, fixtures and commercial furnishings and other industrial markets. Patrick’s major manufactured products include decorative vinyl and paper laminated panels, solid surface, granite and quartz countertops, fabricated aluminum products, wrapped vinyl, paper and hardwood profile moldings, slide-out trim and fascia, cabinet doors and components, fiberglass bath fixtures, fiberglass and plastic helm systems and component products, wiring and wiring harnesses, and composite parts and polymer-based flooring and other products. Patrick Industries also distributes pre-finished wall and ceiling panels, drywall finishing products, and other miscellaneous products. “
Other research analysts also recently issued research reports about the company. Truist Financial began coverage on Patrick Industries in a research note on Tuesday, April 12th. They set a “buy” rating and a $75.00 price target on the stock. StockNews.com began coverage on Patrick Industries in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Bank of America started coverage on Patrick Industries in a research note on Monday, April 4th. They set an “underperform” rating and a $60.00 price target on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Buy” and an average target price of $81.40.
Patrick Industries (NASDAQ:PATK – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The construction company reported $4.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $2.04. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.18 billion. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. The firm’s quarterly revenue was up 57.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.80 EPS. Sell-side analysts anticipate that Patrick Industries will post 11.82 earnings per share for the current year.
Several hedge funds have recently made changes to their positions in PATK. Norges Bank purchased a new position in shares of Patrick Industries in the 4th quarter valued at approximately $19,427,000. Goldman Sachs Group Inc. boosted its stake in shares of Patrick Industries by 275.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 194,068 shares of the construction company’s stock valued at $15,660,000 after buying an additional 142,443 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Patrick Industries by 3.7% in the fourth quarter. BlackRock Inc. now owns 3,490,289 shares of the construction company’s stock valued at $281,631,000 after buying an additional 123,491 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $9,596,000. Finally, State Street Corp boosted its stake in shares of Patrick Industries by 6.1% in the fourth quarter. State Street Corp now owns 733,219 shares of the construction company’s stock valued at $59,163,000 after buying an additional 42,268 shares in the last quarter. Institutional investors own 94.85% of the company’s stock.
Patrick Industries Company Profile (Get Rating)
Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.
- Get a free copy of the StockNews.com research report on Patrick Industries (PATK)
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