Patrick Industries (NASDAQ:PATK) Downgraded by Wall Street Zen to “Hold”

Patrick Industries (NASDAQ:PATK) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Several other brokerages have also commented on PATK. Benchmark reiterated a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Roth Mkm reaffirmed a “buy” rating and issued a $157.00 target price on shares of Patrick Industries in a report on Monday, February 9th. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. KeyCorp reiterated an “overweight” rating and set a $155.00 price target (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $155.00 price objective on shares of Patrick Industries in a research report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $135.13.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $115.81 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. Patrick Industries has a one year low of $72.99 and a one year high of $148.50. The company has a market cap of $3.85 billion, a PE ratio of 29.62, a P/E/G ratio of 1.22 and a beta of 1.33. The business has a 50-day simple moving average of $126.94 and a 200-day simple moving average of $113.60.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating 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 firm had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. During the same quarter in the prior year, the company posted $0.52 earnings per share. Patrick Industries’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, equities research analysts forecast that Patrick Industries will post 5.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John A. Forbes sold 2,704 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the transaction, the director directly owned 49,272 shares in the company, valued at $6,935,034. This represents a 5.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Matthew S. Filer purchased 1,000 shares of the business’s stock in a transaction on Friday, February 6th. The shares were bought at an average cost of $139.91 per share, for a total transaction of $139,910.00. Following the purchase, the chief accounting officer owned 20,614 shares of the company’s stock, valued at $2,884,104.74. This trade represents a 5.10% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 31,607 shares of company stock worth $3,823,904 over the last 90 days. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Patrick Industries

A number of hedge funds have recently made changes to their positions in the company. DGS Capital Management LLC increased its holdings in Patrick Industries by 15.0% during the 4th quarter. DGS Capital Management LLC now owns 2,391 shares of the construction company’s stock worth $259,000 after purchasing an additional 312 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of Patrick Industries by 17.2% during the 4th quarter. Corient Private Wealth LLC now owns 3,308 shares of the construction company’s stock worth $359,000 after purchasing an additional 485 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Patrick Industries by 4.0% during the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock valued at $231,000 after acquiring an additional 80 shares during the period. XTX Topco Ltd bought a new position in shares of Patrick Industries during the fourth quarter worth about $362,000. Finally, Wellington Management Group LLP grew its position in shares of Patrick Industries by 19.9% during the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock worth $240,401,000 after acquiring an additional 367,802 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.