Patrick Industries (NASDAQ:PATK) Rating Increased to Sell at BidaskClub

BidaskClub upgraded shares of Patrick Industries (NASDAQ:PATK) from a strong sell rating to a sell rating in a research note published on Thursday morning, BidAskClub reports.

PATK has been the subject of several other research reports. Zacks Investment Research upgraded shares of Patrick Industries from a sell rating to a hold rating in a report on Thursday, August 8th. Bank of America lowered their target price on shares of Patrick Industries from $51.00 to $36.00 and set an underperform rating for the company in a report on Wednesday, September 4th. ValuEngine downgraded shares of Patrick Industries from a sell rating to a strong sell rating in a report on Friday, August 23rd. Finally, TheStreet downgraded shares of Patrick Industries from a b- rating to a c+ rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Patrick Industries presently has an average rating of Hold and a consensus price target of $55.20.

PATK traded up $1.27 during trading on Thursday, hitting $42.12. 13,392 shares of the company’s stock were exchanged, compared to its average volume of 191,657. The company has a quick ratio of 0.78, a current ratio of 2.01 and a debt-to-equity ratio of 1.37. The business’s 50 day moving average is $39.67 and its two-hundred day moving average is $44.72. Patrick Industries has a fifty-two week low of $27.32 and a fifty-two week high of $67.50. The stock has a market cap of $920.86 million, a P/E ratio of 9.11, a PEG ratio of 1.39 and a beta of 2.10.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, July 25th. The construction company reported $1.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.04. The company had revenue of $613.20 million during the quarter, compared to the consensus estimate of $621.33 million. Patrick Industries had a net margin of 4.43% and a return on equity of 23.07%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.42 earnings per share. On average, sell-side analysts forecast that Patrick Industries will post 4.03 earnings per share for the current year.

In other news, Director M Scott Welch bought 10,000 shares of the stock in a transaction dated Wednesday, August 14th. The stock was bought at an average price of $39.00 per share, for a total transaction of $390,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 7.60% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cutler Group LP bought a new position in Patrick Industries during the first quarter valued at about $53,000. Private Capital Group LLC bought a new position in Patrick Industries during the second quarter valued at about $56,000. Tyers Asset Management LLC grew its position in Patrick Industries by 20.4% during the second quarter. Tyers Asset Management LLC now owns 2,736 shares of the construction company’s stock valued at $135,000 after buying an additional 464 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its position in Patrick Industries by 187.3% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,747 shares of the construction company’s stock valued at $135,000 after buying an additional 1,791 shares during the period. Finally, Riverhead Capital Management LLC grew its position in Patrick Industries by 20.0% during the second quarter. Riverhead Capital Management LLC now owns 3,000 shares of the construction company’s stock valued at $148,000 after buying an additional 500 shares during the period. Institutional investors own 90.96% of the company’s stock.

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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