Patrick Industries (NASDAQ:PATK) Raised to “Buy” at Wall Street Zen

Patrick Industries (NASDAQ:PATK) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

PATK has been the subject of a number of other reports. Benchmark reiterated a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. BMO Capital Markets restated an “outperform” rating and set a $155.00 target price on shares of Patrick Industries in a research report on Friday, February 6th. KeyCorp reaffirmed an “overweight” rating and issued a $155.00 price target (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Roth Mkm reiterated a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a research report on Monday, February 9th. Finally, Weiss Ratings upgraded Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and an average price target of $135.13.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $114.54 on Friday. The firm has a market capitalization of $3.79 billion, a PE ratio of 29.29 and a beta of 1.35. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. The company has a 50-day moving average price of $124.25 and a two-hundred day moving average price of $113.55. Patrick Industries has a twelve month low of $72.99 and a twelve month high of $148.50.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. The company had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Equities analysts forecast that Patrick Industries will post 5.33 EPS for the current year.

Insiders Place Their Bets

In related news, Director John A. Forbes sold 2,704 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $140.75, for a total value of $380,588.00. Following the sale, the director owned 49,272 shares in the company, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Hugo E. Gonzalez sold 13,514 shares of Patrick Industries stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $113.10, for a total value of $1,528,433.40. Following the sale, the chief operating officer directly owned 33,864 shares of the company’s stock, valued at $3,830,018.40. This represents a 28.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders bought 11,110 shares of company stock worth $1,289,895 and sold 20,121 shares worth $2,477,337. 4.40% of the stock is owned by company insiders.

Institutional Trading of Patrick Industries

Institutional investors and hedge funds have recently modified their holdings of the business. Torren Management LLC bought a new stake in shares of Patrick Industries during the 4th quarter valued at about $26,000. Advisory Services Network LLC bought a new position in shares of Patrick Industries in the third quarter worth approximately $25,000. Salomon & Ludwin LLC purchased a new stake in Patrick Industries in the third quarter valued at approximately $25,000. Cornerstone Planning Group LLC bought a new stake in Patrick Industries during the third quarter valued at approximately $31,000. Finally, Allworth Financial LP lifted its position in Patrick Industries by 181.3% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after purchasing an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.