Patrick Industries (NASDAQ:PATK) Stock Price Up 9.1%

Patrick Industries, Inc. (NASDAQ:PATK) rose 9.1% during mid-day trading on Thursday . The stock traded as high as $62.85 and last traded at $62.75. Approximately 299,774 shares traded hands during mid-day trading, an increase of 30% from the average daily volume of 230,642 shares. The stock had previously closed at $57.52.

PATK has been the topic of several research analyst reports. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. BofA Securities upgraded shares of Patrick Industries from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $74.00 to $88.00 in a research report on Friday, July 31st. Wells Fargo & Company boosted their price target on shares of Patrick Industries from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, August 17th. They noted that the move was a valuation call. ValuEngine lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, September 3rd. Finally, Bank of America upgraded shares of Patrick Industries from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $74.00 to $88.00 in a research report on Friday, July 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. Patrick Industries has a consensus rating of “Buy” and an average price target of $71.14.

The company has a market cap of $1.47 billion, a PE ratio of 22.38, a P/E/G ratio of 1.58 and a beta of 2.41. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.26 and a current ratio of 2.46. The stock’s 50-day simple moving average is $57.45 and its 200 day simple moving average is $50.05.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results 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 business had revenue of $424.00 million during the quarter, compared to the consensus estimate of $412.46 million. During the same quarter last year, the firm posted $1.18 EPS. The business’s revenue was down 30.9% compared to the same quarter last year. On average, sell-side analysts predict that Patrick Industries, Inc. will post 3.48 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Monday, August 31st were issued a $0.25 dividend. The ex-dividend date was Friday, August 28th. This represents a $1.00 annualized dividend and a yield of 1.59%. Patrick Industries’s payout ratio is 25.97%.

In other news, CEO Andy L. Nemeth sold 2,500 shares of Patrick Industries stock in a transaction that occurred on 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 in the company, valued at $14,891,778. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael A. Kitson sold 10,000 shares of Patrick Industries stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $67.12, for a total transaction of $671,200.00. Following the sale, the director now owns 10,772 shares in the company, valued at approximately $723,016.64. The disclosure for this sale can be found here. Insiders sold 42,500 shares of company stock worth $2,825,100 in the last 90 days. 7.60% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the business. Captrust Financial Advisors bought a new stake in shares of Patrick Industries in the 2nd quarter valued at approximately $40,000. Acadian Asset Management LLC bought a new stake in Patrick Industries during the 1st quarter valued at approximately $38,000. Nisa Investment Advisors LLC boosted its position in Patrick Industries by 500.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,800 shares of the construction company’s stock valued at $110,000 after acquiring an additional 1,500 shares in the last quarter. Point72 Hong Kong Ltd boosted its position in shares of Patrick Industries by 118.6% in the 2nd quarter. Point72 Hong Kong Ltd now owns 1,882 shares of the construction company’s stock worth $115,000 after purchasing an additional 1,021 shares in the last quarter. Finally, IFP Advisors Inc bought a new stake in shares of Patrick Industries in the 2nd quarter worth approximately $135,000. 90.02% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Company Profile (NASDAQ:PATK)

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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