Patrick Industries (NASDAQ:PATK) Upgraded to Buy by Bank of America

Patrick Industries (NASDAQ:PATK) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, The Fly reports. The brokerage presently has a $88.00 price target on the construction company’s stock, up from their previous price target of $74.00. Bank of America‘s price objective indicates a potential upside of 37.61% from the company’s previous close.

PATK has been the subject of a number of other research reports. Wells Fargo & Co upped their price objective on shares of Patrick Industries from $33.00 to $42.00 and gave the company an “equal weight” rating in a report on Wednesday, May 6th. Sidoti upped their price objective on shares of Patrick Industries from $51.00 to $59.00 and gave the company a “buy” rating in a report on Thursday, May 21st. BidaskClub raised shares of Patrick Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 18th. BofA Securities raised shares of Patrick Industries from an “underperform” rating to a “neutral” rating in a research note on Thursday, July 16th. Finally, Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Tuesday, June 16th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Patrick Industries presently has a consensus rating of “Buy” and an average target price of $67.14.

Shares of PATK traded down $1.99 during mid-day trading on Friday, reaching $63.95. The stock had a trading volume of 351,542 shares, compared to its average volume of 208,491. The company has a debt-to-equity ratio of 1.50, a current ratio of 2.46 and a quick ratio of 1.17. Patrick Industries has a 52-week low of $16.70 and a 52-week high of $69.84. The business’s fifty day moving average is $60.15 and its 200 day moving average is $48.72. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 23.51, a P/E/G ratio of 10.90 and a beta of 2.48.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $0.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.13. Patrick Industries had a net margin of 2.97% and a return on equity of 12.86%. The firm had revenue of $424.00 million during the quarter, compared to analyst estimates of $412.46 million. During the same quarter in the prior year, the firm posted $1.18 earnings per share. Patrick Industries’s quarterly revenue was down 30.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Patrick Industries will post 2.82 EPS for the current fiscal year.

In other news, CEO Andy L. Nemeth sold 2,500 shares of the stock in a transaction dated Thursday, July 16th. The shares were sold at an average price of $66.00, for a total transaction of $165,000.00. Following the sale, the chief executive officer now owns 225,633 shares of the company’s stock, valued at $14,891,778. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeff Rodino sold 2,414 shares of the stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $67.50, for a total transaction of $162,945.00. Following the sale, the executive vice president now directly owns 109,902 shares in the company, valued at approximately $7,418,385. The disclosure for this sale can be found here. Insiders have sold 62,033 shares of company stock worth $3,959,190 in the last three months. Corporate insiders own 7.60% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Squarepoint Ops LLC acquired a new stake in Patrick Industries in the first quarter valued at approximately $1,440,000. Norges Bank purchased a new stake in Patrick Industries in the 4th quarter valued at about $16,090,000. Congress Asset Management Co. MA purchased a new stake in Patrick Industries in the 2nd quarter valued at about $1,722,000. AXA purchased a new stake in Patrick Industries in the 1st quarter valued at about $422,000. Finally, Federated Hermes Inc. grew its holdings in Patrick Industries by 8.8% in the 1st quarter. Federated Hermes Inc. now owns 42,461 shares of the construction company’s stock valued at $1,195,000 after buying an additional 3,438 shares during the period. 88.16% 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.

Further Reading: Profit margin is different from the revenue

The Fly

Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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