Patrick Industries (NASDAQ:PATK) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research report report published on Thursday morning.

A number of other research analysts have also commented on the company. Raymond James cut their target price on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Benchmark restated a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a research note on Monday, November 4th. KeyCorp raised their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Truist Financial upped their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, DA Davidson raised their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

Patrick Industries Stock Down 2.0 %

Shares of PATK stock opened at $128.50 on Thursday. Patrick Industries has a 12 month low of $80.62 and a 12 month high of $148.35. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The firm has a market cap of $2.88 billion, a PE ratio of 18.46, a price-to-earnings-growth ratio of 1.36 and a beta of 1.62. The stock has a 50 day moving average of $136.41 and a 200-day moving average of $123.49.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The company had revenue of $919.44 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the company earned $1.81 earnings per share. On average, equities analysts predict that Patrick Industries will post 6.43 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. This trade represents a 12.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This represents a 7.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock valued at $3,858,915 in the last 90 days. 4.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patrick Industries

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings 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 buying an additional 20,694 shares during the period. Vestcor Inc lifted its stake in shares of Patrick Industries by 218.6% in the 3rd quarter. Vestcor Inc now owns 5,324 shares of the construction company’s stock valued at $758,000 after purchasing an additional 3,653 shares during the period. MML Investors Services LLC lifted its stake in shares of Patrick Industries by 20.3% in the 3rd quarter. MML Investors Services LLC now owns 3,243 shares of the construction company’s stock valued at $462,000 after purchasing an additional 547 shares during the period. Orion Portfolio Solutions LLC bought a new position in shares of Patrick Industries in the 3rd quarter worth $700,000. Finally, Wellington Management Group LLP grew its stake in shares of 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 during the period. Institutional investors and hedge funds 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.