Patrick Industries (NASDAQ:PATK) Shares Gap Up – Still a Buy?

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price gapped up before the market opened on Friday. The stock had previously closed at $78.59, but opened at $81.52. Patrick Industries shares last traded at $79.86, with a volume of 21,442 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PATK shares. Raymond James Financial reiterated an “outperform” rating on shares of Patrick Industries in a report on Thursday, October 29th. Wells Fargo & Company started coverage on shares of Patrick Industries in a report on Monday. They set an “overweight” rating and a $95.00 price objective on the stock. Benchmark restated a “buy” rating and set a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, September 29th. Finally, BMO Capital Markets dropped their target price on shares of Patrick Industries from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, October 13th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $102.11.

Patrick Industries Stock Up 2.5%

The firm’s 50 day moving average is $71.95 and its two-hundred day moving average is $93.88. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of 20.92, a P/E/G ratio of 2.06 and a beta of 1.21. The company has a current ratio of 2.51, a quick ratio of 0.86 and a debt-to-equity ratio of 1.20.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 29th. The construction company reported $1.03 earnings per share 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 during the quarter, compared to analyst estimates of $938.49 million. During the same quarter in the previous year, the business posted $1.01 earnings per share. The company’s revenue was up .0% on a year-over-year basis. On average, sell-side analysts predict that Patrick Industries, Inc. will post 4.24 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Foster & Motley Inc. acquired a new stake in shares of Patrick Industries during the second quarter worth $1,347,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Patrick Industries in the first quarter valued at $5,220,000. Jupiter Topco LLC acquired a new position in Patrick Industries in the second quarter valued at $1,289,000. Bank of America Corp DE acquired a new position in Patrick Industries in the second quarter valued at $30,646,000. Finally, Congress Asset Management Co. lifted its position in Patrick Industries by 21.4% during the third quarter. Congress Asset Management Co. now owns 202,196 shares of the construction company’s stock worth $13,705,000 after buying an additional 35,679 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.