Patrick Industries (NASDAQ:PATK) Stock Rated Overweight in New Coverage at Wells Fargo & Company

Investment analysts at Wells Fargo & Company assumed coverage on shares of Patrick Industries (NASDAQ:PATK) in a report released on Monday, Briefing.com reports. The firm set an “overweight” rating and a $95.00 price target on the construction company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 20.57% from the company’s previous close.

Several other equities analysts have also recently weighed in on PATK. Benchmark reaffirmed a “buy” rating and set a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Zacks Research upgraded shares of Patrick Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 3rd. Northcoast Research set a $121.00 price target on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Tuesday, September 1st. Truist Financial set a $88.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a report on Friday, October 23rd. Finally, KeyCorp cut their price objective on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and an average price target of $102.11.

Patrick Industries Stock Performance

Shares of PATK opened at $78.79 on Monday. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.51 and a quick ratio of 0.86. Patrick Industries has a 1 year low of $63.00 and a 1 year high of $148.50. The company has a 50 day simple moving average of $72.13 and a two-hundred day simple moving average of $94.87. The firm has a market cap of $2.53 billion, a P/E ratio of 20.46, a price-to-earnings-growth ratio of 2.04 and a beta of 1.21.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 29th. The construction company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.06. Patrick Industries had a net margin of 3.38% and a return on equity of 12.61%. The firm had revenue of $975.28 million for the quarter, compared to analysts’ expectations of $938.49 million. During the same quarter last year, the business posted $1.01 earnings per share. The company’s revenue for the quarter was up .0% compared to the same quarter last year. On average, equities analysts expect that Patrick Industries will post 4.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Patrick Industries

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in shares of Patrick Industries during the 2nd quarter valued at about $65,138,000. Bank of America Corp DE bought a new position in shares of Patrick Industries in the 2nd quarter valued at about $30,646,000. The Manufacturers Life Insurance Company bought a new position in shares of Patrick Industries in the 2nd quarter valued at about $27,166,000. 1ST Source Bank purchased a new position in Patrick Industries in the second quarter worth about $9,485,000. Finally, Copeland Capital Management LLC grew its position in Patrick Industries by 17.6% in the first quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company’s stock worth $62,589,000 after acquiring an additional 84,508 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials for recreational vehicles, marine products, manufactured housing, and other markets. Founded in 1959 and headquartered in Elkhart, Indiana, the company supplies products used in the construction and furnishing of vehicles, homes, and industrial applications.

Its offerings include cabinetry, countertops, flooring, insulation, furniture, fabricated metal products, laminates, and other interior and structural components.