Patrick Industries (NASDAQ:PATK) Downgraded by BidaskClub

BidaskClub cut shares of Patrick Industries (NASDAQ:PATK) from a buy rating to a hold rating in a report published on Friday morning, BidAskClub reports.

A number of other research analysts have also issued reports on the stock. Robert W. Baird boosted their target price on shares of Patrick Industries from $46.00 to $54.00 and gave the company an outperform rating in a research note on Friday, October 25th. They noted that the move was a valuation call. TheStreet lowered shares of Patrick Industries from a b- rating to a c+ rating in a research note on Friday, August 2nd. Zacks Investment Research lowered shares of Patrick Industries from a hold rating to a sell rating in a research note on Saturday, October 5th. ValuEngine raised shares of Patrick Industries from a strong sell rating to a sell rating in a research note on Thursday, October 31st. Finally, Bank of America reduced their target price on shares of Patrick Industries from $51.00 to $36.00 and set an underperform rating for the company in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $49.80.

Shares of NASDAQ PATK traded down $0.10 during midday trading on Friday, hitting $49.82. The company’s stock had a trading volume of 124,200 shares, compared to its average volume of 223,485. Patrick Industries has a 1-year low of $27.32 and a 1-year high of $55.87. The firm’s fifty day moving average price is $45.70 and its 200-day moving average price is $43.97. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.31 and a current ratio of 2.61. The firm has a market cap of $1.18 billion, a P/E ratio of 10.71, a P/E/G ratio of 1.93 and a beta of 2.16.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 24th. The construction company reported $0.92 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.04). Patrick Industries had a net margin of 4.16% and a return on equity of 20.73%. The business had revenue of $566.19 million during the quarter, compared to analyst estimates of $576.97 million. During the same period last year, the firm posted $1.15 earnings per share. The company’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, research analysts predict that Patrick Industries will post 3.75 earnings per share for the current fiscal year.

In other Patrick Industries news, CEO Todd M. Cleveland sold 3,880 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $52.82, for a total transaction of $204,941.60. Following the completion of the transaction, the chief executive officer now directly owns 635,173 shares of the company’s stock, valued at approximately $33,549,837.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey L. Et Al Gendell sold 22,769 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $52.29, for a total transaction of $1,190,591.01. The disclosure for this sale can be found here. Insiders have sold a total of 109,149 shares of company stock valued at $5,461,683 over the last three months. 7.60% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. TimesSquare Capital Management LLC bought a new stake in shares of Patrick Industries during the 2nd quarter worth about $20,429,000. Nuveen Asset Management LLC raised its position in shares of Patrick Industries by 746.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 101,814 shares of the construction company’s stock worth $5,008,000 after buying an additional 89,785 shares in the last quarter. Morgan Stanley raised its position in shares of Patrick Industries by 154.7% during the 2nd quarter. Morgan Stanley now owns 131,644 shares of the construction company’s stock worth $6,476,000 after buying an additional 79,960 shares in the last quarter. River & Mercantile Asset Management LLP bought a new stake in shares of Patrick Industries during the 2nd quarter worth about $2,826,000. Finally, Vanguard Group Inc. raised its position in shares of Patrick Industries by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,509,442 shares of the construction company’s stock worth $74,250,000 after buying an additional 53,065 shares in the last quarter. 89.18% of the stock is owned by hedge funds and other institutional investors.

About Patrick Industries

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.

Featured Article: How Buying a Call Option Works

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.