Patrick Industries (PATK) Upgraded to Hold at Zacks Investment Research
Patrick Industries (NASDAQ:PATK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Patrick Industries, Inc. is a major manufacturer of component products and distributor of building products and materials for the Recreational Vehicle, Manufactured Housing and Marine industries. The Company also supplies many of its products to certain Industrial markets that include customers in the kitchen cabinet, office and household furniture, fixtures and commercial furnishings and other industrial markets. Patrick’s major manufactured products include decorative vinyl and paper laminated panels, solid surface, granite and quartz countertops, fabricated aluminum products, wrapped vinyl, paper and hardwood profile moldings, slide-out trim and fascia, cabinet doors and components, fiberglass bath fixtures, fiberglass and plastic helm systems and component products, wiring and wiring harnesses, and composite parts and polymer-based flooring and other products. Patrick Industries also distributes pre-finished wall and ceiling panels, drywall finishing products, and other miscellaneous products. “
A number of other equities research analysts have also recently weighed in on PATK. ValuEngine upgraded Patrick Industries from a “strong sell” rating to a “sell” rating in a research note on Friday, March 1st. BidaskClub cut Patrick Industries from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Wells Fargo & Co increased their price target on Patrick Industries from $30.00 to $49.00 and gave the company a “market perform” rating in a research note on Wednesday, February 27th. TheStreet cut Patrick Industries from a “b-” rating to a “c+” rating in a research note on Wednesday, December 12th. Finally, KeyCorp increased their price target on Patrick Industries from $50.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Patrick Industries currently has a consensus rating of “Hold” and an average target price of $66.60.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 14th. The construction company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.21. Patrick Industries had a return on equity of 28.26% and a net margin of 5.30%. The business had revenue of $531.00 million for the quarter, compared to analysts’ expectations of $519.00 million. During the same quarter in the prior year, the business earned $0.87 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities analysts expect that Patrick Industries will post 4.76 earnings per share for the current year.
In other news, Director Jeffrey L. Et Al Gendell sold 222,347 shares of the firm’s stock in a transaction dated Monday, December 17th. The stock was sold at an average price of $30.34, for a total transaction of $6,746,007.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd M. Cleveland acquired 10,000 shares of the stock in a transaction dated Monday, December 17th. The shares were bought at an average price of $29.59 per share, with a total value of $295,900.00. Following the completion of the transaction, the chief executive officer now directly owns 601,219 shares of the company’s stock, valued at $17,790,070.21. The disclosure for this purchase can be found here. Company insiders own 5.60% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. American Century Companies Inc. raised its position in shares of Patrick Industries by 65.4% during the fourth quarter. American Century Companies Inc. now owns 148,769 shares of the construction company’s stock worth $4,405,000 after acquiring an additional 58,809 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Patrick Industries by 7.8% during the fourth quarter. Geode Capital Management LLC now owns 264,905 shares of the construction company’s stock worth $7,843,000 after acquiring an additional 19,111 shares during the last quarter. Norges Bank bought a new position in shares of Patrick Industries during the fourth quarter worth about $7,140,000. Financial Advocates Investment Management raised its position in shares of Patrick Industries by 150,608.1% during the fourth quarter. Financial Advocates Investment Management now owns 55,762 shares of the construction company’s stock worth $2,632,000 after acquiring an additional 55,725 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Patrick Industries by 5.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,074,342 shares of the construction company’s stock worth $31,812,000 after acquiring an additional 51,096 shares during the last quarter. Institutional investors own 87.72% of the company’s stock.
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; 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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