Patrick Industries (NASDAQ:PATK) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Thursday.
Several other equities analysts have also weighed in on PATK. Zacks Investment Research lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday. Bank of America raised their target price on Patrick Industries from $56.67 to $62.00 and gave the company a “buy” rating in a report on Tuesday, October 24th. Wells Fargo & Co restated a “market perform” rating and set a $66.00 target price (down from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. ValuEngine upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research note on Monday, December 11th. Finally, KeyCorp assumed coverage on Patrick Industries in a research note on Friday, December 15th. They issued an “overweight” rating and a $80.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Patrick Industries presently has an average rating of “Buy” and an average target price of $72.40.
Patrick Industries (PATK) opened at $64.45 on Thursday. Patrick Industries has a 1-year low of $40.07 and a 1-year high of $72.35. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $1,570.00, a PE ratio of 21.77, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84.
In other news, Director John A. Forbes sold 1,000 shares of Patrick Industries stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $65.80, for a total value of $65,800.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Courtney Blosser sold 6,000 shares of Patrick Industries stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $101.28, for a total value of $607,680.00. Following the completion of the transaction, the insider now owns 28,214 shares in the company, valued at $2,857,513.92. The disclosure for this sale can be found here. Insiders sold 25,234 shares of company stock worth $2,485,568 over the last quarter. 5.20% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of PATK. Alliancebernstein L.P. increased its stake in shares of Patrick Industries by 2.8% in the second quarter. Alliancebernstein L.P. now owns 18,550 shares of the construction company’s stock worth $1,351,000 after purchasing an additional 500 shares during the period. Nationwide Fund Advisors increased its stake in Patrick Industries by 3.2% during the second quarter. Nationwide Fund Advisors now owns 8,973 shares of the construction company’s stock valued at $654,000 after acquiring an additional 281 shares during the period. New York State Common Retirement Fund increased its stake in Patrick Industries by 5.3% during the second quarter. New York State Common Retirement Fund now owns 31,526 shares of the construction company’s stock valued at $2,297,000 after acquiring an additional 1,599 shares during the period. UBS Asset Management Americas Inc. bought a new position in Patrick Industries during the second quarter valued at about $202,000. Finally, Northern Trust Corp increased its stake in Patrick Industries by 9.3% during the second quarter. Northern Trust Corp now owns 263,341 shares of the construction company’s stock valued at $19,184,000 after acquiring an additional 22,512 shares during the period. Institutional investors and hedge funds own 61.29% of the company’s stock.
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Patrick Industries Company Profile
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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