Patrick Industries (NASDAQ:PATK) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
Other equities research analysts have also recently issued research reports about the company. Bank of America upped their price objective on Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Robert W. Baird reiterated a “buy” rating on shares of Patrick Industries in a research note on Friday, February 16th. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Thursday, February 15th. Finally, Wells Fargo dropped their price objective on Patrick Industries from $75.00 to $66.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 10th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $74.60.
Patrick Industries opened at $62.75 on Friday, according to Marketbeat. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 1.09 and a beta of 0.80. The company has a current ratio of 2.01, a quick ratio of 0.86 and a debt-to-equity ratio of 1.02. Patrick Industries has a 52 week low of $42.77 and a 52 week high of $72.35.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, April 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.25. Patrick Industries had a return on equity of 25.30% and a net margin of 5.34%. The company had revenue of $551.83 million for the quarter, compared to analysts’ expectations of $477.65 million. During the same quarter in the prior year, the business posted $0.92 EPS. The business’s revenue was up 59.8% compared to the same quarter last year. equities analysts expect that Patrick Industries will post 4.51 EPS for the current year.
Patrick Industries announced that its Board of Directors has initiated a share repurchase program on Tuesday, January 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
In other Patrick Industries news, Director M Scott Welch purchased 5,550 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The shares were acquired at an average price of $60.60 per share, for a total transaction of $336,330.00. Following the purchase, 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 the SEC website. Also, VP Joshua A. Boone sold 814 shares of the stock in a transaction on Friday, March 16th. The shares were sold at an average price of $67.13, for a total value of $54,643.82. Following the completion of the sale, the vice president now owns 18,529 shares in the company, valued at approximately $1,243,851.77. The disclosure for this sale can be found here. In the last quarter, insiders have bought 14,322 shares of company stock worth $855,667. Company insiders own 5.60% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Xact Kapitalforvaltning AB raised its stake in Patrick Industries by 29.0% in the 1st quarter. Xact Kapitalforvaltning AB now owns 4,008 shares of the construction company’s stock valued at $248,000 after acquiring an additional 900 shares during the period. Crossmark Global Holdings Inc. raised its stake in Patrick Industries by 13.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 7,940 shares of the construction company’s stock valued at $551,000 after acquiring an additional 920 shares during the period. Comerica Bank raised its stake in Patrick Industries by 3.8% in the 1st quarter. Comerica Bank now owns 25,671 shares of the construction company’s stock valued at $1,375,000 after acquiring an additional 943 shares during the period. Pitcairn Co. raised its stake in Patrick Industries by 36.5% in the 4th quarter. Pitcairn Co. now owns 3,611 shares of the construction company’s stock valued at $249,000 after acquiring an additional 966 shares during the period. Finally, New York State Common Retirement Fund raised its stake in Patrick Industries by 2.5% in the 1st quarter. New York State Common Retirement Fund now owns 39,557 shares of the construction company’s stock valued at $2,447,000 after acquiring an additional 979 shares during the period. Institutional investors and hedge funds own 89.52% 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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