Patrick Industries (NASDAQ:PATK) Stock Rating Upgraded by Zacks Research

Patrick Industries (NASDAQ:PATK) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday, Zacks reports.

Other equities analysts also recently issued reports about the company. Northcoast Research set a $121.00 target price on Patrick Industries and gave the company a “buy” rating in a research report on Tuesday, September 1st. Wall Street Zen lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, September 29th. Benchmark reiterated a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Finally, KeyCorp dropped their price target on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 8th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $103.00.

Patrick Industries Stock Up 4.0%

NASDAQ:PATK opened at $84.68 on Tuesday. The company has a market cap of $2.72 billion, a PE ratio of 21.99, a P/E/G ratio of 2.11 and a beta of 1.21. Patrick Industries has a twelve month low of $63.00 and a twelve month high of $148.50. The company has a current ratio of 2.51, a quick ratio of 0.86 and a debt-to-equity ratio of 1.20. The company’s 50 day moving average is $72.23 and its two-hundred day moving average is $95.34.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 29th. The construction company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. Patrick Industries had a net margin of 3.38% and a return on equity of 12.61%. The business had revenue of $975.28 million for the quarter, compared to analyst estimates of $938.49 million. During the same quarter in the prior year, the business posted $1.01 EPS. Patrick Industries’s revenue for the quarter was up .0% compared to the same quarter last year. Analysts anticipate that Patrick Industries will post 4.24 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Bank of New York Mellon Corp acquired a new position in Patrick Industries in the second quarter valued at approximately $65,138,000. Copeland Capital Management LLC grew its stake in shares of Patrick Industries by 17.6% during the 1st quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company’s stock worth $62,589,000 after purchasing an additional 84,508 shares during the period. Bank of America Corp DE acquired a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $30,646,000. The Manufacturers Life Insurance Company purchased a new position in shares of Patrick Industries during the 2nd quarter valued at approximately $27,166,000. Finally, Lodge Hill Capital LLC increased its holdings in shares of Patrick Industries by 13.9% during the 1st quarter. Lodge Hill Capital LLC now owns 205,000 shares of the construction company’s stock valued at $22,769,000 after purchasing an additional 25,000 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.

Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.