Patrick Industries (NASDAQ:PATK) Rating Lowered to “Sell” at StockNews.com

Patrick Industries (NASDAQ:PATK) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

A number of other equities research analysts have also recently weighed in on the stock. Truist Financial dropped their price target on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Benchmark reiterated a “buy” rating and issued a $96.67 target price on shares of Patrick Industries in a report on Monday, November 4th. KeyCorp upped their price target on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Raymond James dropped their price objective on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research note on Friday, November 1st. Finally, BMO Capital Markets increased their target price on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $92.63.

Patrick Industries Trading Up 2.4 %

Patrick Industries stock traded up $2.19 during midday trading on Thursday, hitting $92.21. 335,474 shares of the stock were exchanged, compared to its average volume of 310,737. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 19.87, a PEG ratio of 1.25 and a beta of 2.26. The stock’s 50-day simple moving average is $86.98 and its 200 day simple moving average is $86.32. Patrick Industries has a fifty-two week low of $60.67 and a fifty-two week high of $98.90.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). The business had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. Patrick Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.21 EPS. On average, equities analysts anticipate that Patrick Industries will post 4.28 EPS for the current year.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 30,000 shares of Patrick Industries stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the chief executive officer now directly owns 379,678 shares of the company’s stock, valued at approximately $34,171,020. The trade was a 7.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently bought and sold shares of the business. Pacer Advisors Inc. boosted its position in shares of Patrick Industries by 20.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after acquiring an additional 221,904 shares in the last quarter. State Street Corp boosted its holdings in Patrick Industries by 3.5% in the third quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after purchasing an additional 27,669 shares in the last quarter. Geode Capital Management LLC increased its stake in Patrick Industries by 4.1% in the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after purchasing an additional 20,694 shares during the last quarter. Wellington Management Group LLP raised its holdings in Patrick Industries by 2.5% during the third quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock worth $58,699,000 after purchasing an additional 9,917 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Patrick Industries by 5.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 353,633 shares of the construction company’s stock worth $50,347,000 after buying an additional 17,747 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.