Patrick Industries (PATK) Upgraded to “Buy” by BidaskClub

Patrick Industries (NASDAQ:PATK) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

A number of other research firms have also weighed in on PATK. Bank of America upped their price target on shares of Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Robert W. Baird reiterated a “buy” rating and issued a $72.00 price target on shares of Patrick Industries in a research report on Friday, December 22nd. Wells Fargo & Co reiterated a “market perform” rating and issued a $66.00 price target (down from $90.00) on shares of Patrick Industries in a research report on Thursday, December 14th. ValuEngine upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Finally, KeyCorp started coverage on shares of Patrick Industries in a research report on Friday, December 15th. They set an “overweight” rating and a $80.00 target price for the company. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $73.60.

Patrick Industries (NASDAQ PATK) traded up $0.15 on Wednesday, hitting $66.95. 70,860 shares of the company’s stock were exchanged, compared to its average volume of 263,577. The company has a market capitalization of $1,661.99, a price-to-earnings ratio of 19.21, a P/E/G ratio of 1.43 and a beta of 0.89. Patrick Industries has a fifty-two week low of $40.07 and a fifty-two week high of $72.35. The company has a current ratio of 2.01, a quick ratio of 0.72 and a debt-to-equity ratio of 0.91.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 15th. The construction company reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.14. The business had revenue of $475.57 million during the quarter, compared to analyst estimates of $415.87 million. Patrick Industries had a net margin of 5.24% and a return on equity of 23.60%. The company’s revenue was up 46.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. equities research analysts expect that Patrick Industries will post 4.14 EPS for the current year.

Patrick Industries declared that its Board of Directors has authorized a share buyback program on Tuesday, January 30th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

In related news, Director M Scott Welch bought 5,550 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The stock was purchased at an average price of $60.60 per share, for a total transaction of $336,330.00. Following the completion of the transaction, the director now owns 63,862 shares in the company, valued at $3,870,037.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John A. Forbes sold 1,000 shares of the company’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $65.80, for a total transaction of $65,800.00. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in PATK. The Manufacturers Life Insurance Company raised its stake in Patrick Industries by 12.5% during the second quarter. The Manufacturers Life Insurance Company now owns 12,553 shares of the construction company’s stock valued at $915,000 after purchasing an additional 1,390 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new stake in Patrick Industries during the third quarter valued at $590,000. American Century Companies Inc. raised its stake in Patrick Industries by 2.1% during the third quarter. American Century Companies Inc. now owns 35,536 shares of the construction company’s stock valued at $2,989,000 after purchasing an additional 724 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Patrick Industries by 69.4% during the third quarter. BNP Paribas Arbitrage SA now owns 8,115 shares of the construction company’s stock valued at $682,000 after purchasing an additional 3,325 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its stake in Patrick Industries by 58.8% during the third quarter. Municipal Employees Retirement System of Michigan now owns 5,970 shares of the construction company’s stock valued at $502,000 after purchasing an additional 2,210 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

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About Patrick Industries

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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