Wall Street Zen Downgrades Patrick Industries (NASDAQ:PATK) to Hold

Patrick Industries (NASDAQ:PATK) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Sunday.

Several other analysts have also recently commented on PATK. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. KeyCorp reduced their price objective on shares of Patrick Industries from $155.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Roth Mkm reiterated a “buy” rating and issued a $157.00 price objective on shares of Patrick Industries in a research note on Monday, February 9th. Truist Financial set a $126.00 price objective on shares of Patrick Industries in a research note on Friday, January 9th. Finally, Robert W. Baird set a $140.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $133.25.

Patrick Industries Stock Down 4.8%

PATK stock opened at $112.01 on Friday. Patrick Industries has a one year low of $75.26 and a one year high of $148.50. The stock has a market capitalization of $3.71 billion, a PE ratio of 28.65 and a beta of 1.35. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The company has a fifty day moving average of $122.73 and a 200-day moving average of $114.09.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million during the quarter, compared to analysts’ expectations of $858.62 million. During the same quarter last year, the business earned $0.52 EPS. The business’s revenue was up 9.2% on a year-over-year basis. As a group, analysts expect that Patrick Industries will post 5.33 EPS for the current year.

Insider Activity

In other Patrick Industries news, Director M Scott Welch bought 10,000 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was purchased at an average cost of $113.68 per share, for a total transaction of $1,136,800.00. Following the acquisition, the director owned 146,000 shares of the company’s stock, valued at $16,597,280. The trade was a 7.35% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John A. Forbes sold 2,704 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the transaction, the director owned 49,272 shares of the company’s stock, valued at $6,935,034. This trade represents a 5.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders bought 11,110 shares of company stock worth $1,289,895 and sold 20,121 shares worth $2,477,337. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. Salomon & Ludwin LLC purchased a new stake in shares of Patrick Industries during the third quarter worth about $25,000. Advisory Services Network LLC purchased a new stake in shares of Patrick Industries during the third quarter worth about $25,000. Torren Management LLC purchased a new stake in shares of Patrick Industries during the fourth quarter worth about $26,000. Cornerstone Planning Group LLC purchased a new stake in shares of Patrick Industries during the third quarter worth about $31,000. Finally, Allworth Financial LP grew its holdings in shares of Patrick Industries by 181.3% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after buying an additional 203 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.