Patrick Industries (NASDAQ:PATK) Upgraded at Wall Street Zen

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

Several other research analysts have also commented on the company. KeyCorp reaffirmed an “overweight” rating and set a $155.00 price target (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. Loop Capital started coverage on shares of Patrick Industries in a research report on Friday, October 31st. They set a “hold” rating and a $99.00 target price on the stock. Robert W. Baird set a $140.00 price target on shares of Patrick Industries in a research report on Friday, February 6th. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price target on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Benchmark restated a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, 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 $123.79 on Friday. Patrick Industries has a 12 month low of $72.99 and a 12 month high of $148.50. The firm has a market capitalization of $4.11 billion, a P/E ratio of 31.66, a P/E/G ratio of 1.33 and a beta of 1.34. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The company’s fifty day moving average price is $126.10 and its 200 day moving average price is $113.27.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The company had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. During the same quarter last year, the company posted $0.52 earnings per share. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. As a group, sell-side analysts predict that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Insider Activity

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total value of $2,875,000.00. Following the sale, the chief executive officer owned 301,641 shares of the company’s stock, valued at approximately $34,688,715. The trade was a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Matthew S. Filer bought 1,000 shares of the company’s stock in a transaction on Friday, February 6th. The shares were acquired at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the transaction, the chief accounting officer directly owned 20,614 shares in the company, valued at $2,884,104.74. This trade represents a 5.10% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 31,607 shares of company stock worth $3,823,904 in the last ninety days. 4.40% of the stock is currently owned by insiders.

Institutional Trading of Patrick Industries

A number of institutional investors have recently modified their holdings of the business. First National Bank of Omaha acquired a new stake in Patrick Industries during the 3rd quarter valued at $601,000. Inspire Advisors LLC purchased a new stake in shares of Patrick Industries in the second quarter valued at $525,000. Citizens Financial Group Inc. RI acquired a new stake in shares of Patrick Industries during the third quarter valued at $1,704,000. Tributary Capital Management LLC increased its position in Patrick Industries by 52.0% during the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock worth $38,435,000 after purchasing an additional 127,099 shares in the last quarter. Finally, F m Investments LLC raised its stake in Patrick Industries by 23.0% in the 2nd quarter. F m Investments LLC now owns 47,440 shares of the construction company’s stock valued at $4,377,000 after purchasing an additional 8,860 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

About Patrick Industries

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.