StockNews.com Downgrades Patrick Industries (NASDAQ:PATK) to Sell

StockNews.com lowered shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a report released on Thursday.

Several other equities research analysts also recently commented on PATK. Benchmark reissued a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a report on Monday, November 4th. Truist Financial lifted their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. DA Davidson boosted their price objective 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. KeyCorp raised their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Robert W. Baird lifted their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $139.88.

Patrick Industries Stock Down 2.0 %

Shares of PATK stock opened at $128.50 on Thursday. The firm’s fifty day moving average price is $136.41 and its two-hundred day moving average price is $123.36. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. Patrick Industries has a 1 year low of $80.62 and a 1 year high of $148.35. The firm has a market capitalization of $2.88 billion, a P/E ratio of 18.46, a PEG ratio of 1.36 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. During the same period in the prior year, the firm posted $1.81 EPS. Patrick Industries’s revenue was up 6.2% compared to the same quarter last year. On average, equities analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. This trade represents a 7.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the sale, the director now owns 82,374 shares of the company’s stock, valued at $10,795,112.70. This trade represents a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock worth $3,858,915 over the last three months. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. bought a new stake in Patrick Industries in the 2nd quarter valued at about $41,000. Sound Income Strategies LLC acquired a new stake in shares of Patrick Industries in the third quarter valued at approximately $46,000. GAMMA Investing LLC boosted its stake in shares of Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after buying an additional 205 shares during the period. UMB Bank n.a. grew its position in Patrick Industries by 176.6% during the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after buying an additional 362 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its stake in Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after acquiring an additional 139 shares during the period. 93.29% of the stock is owned by institutional investors.

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.