Patrick Industries (NASDAQ:PATK) Rating Lowered to Hold at BidaskClub

BidaskClub lowered shares of Patrick Industries (NASDAQ:PATK) from a buy rating to a hold rating in a report released on Monday, May 6th, BidAskClub reports.

PATK has been the topic of several other research reports. Bank of America began coverage on Patrick Industries in a research report on Tuesday, March 26th. They set a buy rating and a $53.00 target price on the stock. ValuEngine cut Patrick Industries from a hold rating to a sell rating in a research report on Friday, April 26th. KeyCorp lifted their target price on Patrick Industries from $50.00 to $55.00 and gave the company an outperform rating in a research report on Tuesday, February 19th. Wells Fargo & Co lifted their target price on Patrick Industries from $30.00 to $49.00 and gave the company a market perform rating in a research report on Wednesday, February 27th. Finally, TheStreet raised Patrick Industries from a c+ rating to a b- rating in a research report on Monday, March 18th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $58.40.

Patrick Industries stock traded down $0.06 during mid-day trading on Monday, reaching $42.25. The stock had a trading volume of 107,688 shares, compared to its average volume of 273,309. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.75 and a current ratio of 1.97. Patrick Industries has a fifty-two week low of $27.32 and a fifty-two week high of $67.50. The stock has a market capitalization of $1.01 billion, a PE ratio of 9.09, a price-to-earnings-growth ratio of 1.50 and a beta of 1.92.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, April 25th. The construction company reported $0.90 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.02. The firm had revenue of $608.20 million during the quarter, compared to analysts’ expectations of $595.67 million. Patrick Industries had a return on equity of 25.64% and a net margin of 4.77%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.20 earnings per share. Research analysts forecast that Patrick Industries will post 4.29 EPS for the current year.

In other Patrick Industries news, Director Walter E. Wells sold 10,000 shares of the business’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $50.60, for a total value of $506,000.00. Following the transaction, the director now owns 50,030 shares of the company’s stock, valued at $2,531,518. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 7.60% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. PRW Wealth Management LLC bought a new stake in shares of Patrick Industries in the fourth quarter valued at $25,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Patrick Industries during the 4th quarter valued at $30,000. Versant Capital Management Inc bought a new stake in shares of Patrick Industries during the 1st quarter valued at $32,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Patrick Industries by 186.2% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 956 shares of the construction company’s stock valued at $44,000 after purchasing an additional 622 shares during the period. Finally, Cutler Group LP bought a new stake in shares of Patrick Industries during the 1st quarter valued at $53,000. 91.63% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Company Profile

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

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