Patrick Industries (NASDAQ:PATK) Cut to Strong Sell at ValuEngine

Patrick Industries (NASDAQ:PATK) was downgraded by stock analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Friday, ValuEngine reports.

A number of other research analysts have also weighed in on PATK. BidaskClub lowered shares of Patrick Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, August 16th. Zacks Investment Research raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. TheStreet lowered shares of Patrick Industries from a “b-” rating to a “c+” rating in a research note on Friday, August 2nd. Finally, Bank of America lowered shares of Patrick Industries from a “buy” rating to an “underperform” rating and set a $52.00 price target on the stock. in a research note on Friday, April 26th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. Patrick Industries currently has an average rating of “Hold” and an average price target of $58.40.

Shares of PATK stock traded down $2.72 during mid-day trading on Friday, hitting $35.55. 147,646 shares of the stock were exchanged, compared to its average volume of 230,974. The firm has a fifty day moving average of $43.37 and a 200 day moving average of $45.45. The company has a quick ratio of 0.78, a current ratio of 2.01 and a debt-to-equity ratio of 1.37. Patrick Industries has a 52-week low of $27.32 and a 52-week high of $67.50. The company has a market cap of $848.54 million, a PE ratio of 7.65, a price-to-earnings-growth ratio of 1.33 and a beta of 2.00.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, July 25th. The construction company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.04. Patrick Industries had a net margin of 4.43% and a return on equity of 23.07%. The business had revenue of $613.20 million for the quarter, compared to analyst estimates of $621.33 million. During the same period in the prior year, the company posted $1.42 EPS. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. Equities analysts predict that Patrick Industries will post 4.18 EPS for the current year.

In other Patrick Industries news, Director Jeffrey L. Et Al Gendell sold 45,254 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $46.45, for a total value of $2,102,048.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director M Scott Welch bought 10,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was acquired at an average cost of $39.00 per share, for a total transaction of $390,000.00. The disclosure for this purchase can be found here. Company insiders own 7.60% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PATK. BlackRock Inc. increased its holdings in shares of Patrick Industries by 0.8% during the 2nd quarter. BlackRock Inc. now owns 3,334,069 shares of the construction company’s stock worth $164,002,000 after buying an additional 26,617 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Patrick Industries by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,509,442 shares of the construction company’s stock worth $74,250,000 after buying an additional 53,065 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Patrick Industries by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,074,342 shares of the construction company’s stock worth $31,812,000 after buying an additional 51,096 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Patrick Industries by 2.7% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 809,549 shares of the construction company’s stock worth $39,822,000 after buying an additional 21,029 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its holdings in shares of Patrick Industries by 1.7% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 590,000 shares of the construction company’s stock worth $29,022,000 after buying an additional 10,000 shares during the last quarter. 93.12% of the stock is currently owned by institutional investors and hedge funds.

About Patrick Industries

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; decorative vinyl and paper laminated panels; 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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