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

Wells Fargo & Company initiated coverage on shares of Patrick Industries (NASDAQ:PATK) in a research report report published on Monday, MarketBeat.com reports. The firm issued an overweight rating and a $95.00 price target on the construction company’s stock.

PATK has been the subject of a number of other research reports. BMO Capital Markets lowered their price objective on Patrick Industries from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, October 13th. KeyCorp decreased their price objective on shares of Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 8th. Raymond James Financial restated an “outperform” rating on shares of Patrick Industries in a research report on Thursday, October 29th. Wall Street Zen cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Finally, Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $102.11.

Patrick Industries Price Performance

Shares of PATK opened at $79.47 on Monday. The company has a 50 day moving average price of $72.03 and a 200-day moving average price of $94.13. Patrick Industries has a fifty-two week low of $63.00 and a fifty-two week high of $148.50. The stock has a market capitalization of $2.55 billion, a PE ratio of 20.64, a PEG ratio of 2.06 and a beta of 1.21. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.86 and a current ratio of 2.51.

Patrick Industries (NASDAQ:PATK) last issued 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. The company had revenue of $975.28 million for the quarter, compared to analyst estimates of $938.49 million. Patrick Industries had a net margin of 3.38% and a return on equity of 12.61%. Patrick Industries’s revenue was up .0% compared to the same quarter last year. During the same period last year, the company posted $1.01 earnings per share. Equities analysts predict that Patrick Industries will post 4.24 earnings per share for the current fiscal year.

Institutional Trading of Patrick Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the business. GW&K Investment Management LLC raised its position in Patrick Industries by 1.9% in the 3rd quarter. GW&K Investment Management LLC now owns 342,194 shares of the construction company’s stock valued at $23,194,000 after purchasing an additional 6,399 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Patrick Industries by 52.5% in the third quarter. Public Sector Pension Investment Board now owns 172,231 shares of the construction company’s stock valued at $11,118,000 after buying an additional 59,264 shares during the last quarter. Cibc World Market Inc. acquired a new stake in Patrick Industries in the third quarter valued at $267,000. Teachers Retirement System of The State of Kentucky raised its stake in Patrick Industries by 50.3% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 39,190 shares of the construction company’s stock valued at $2,657,000 after buying an additional 13,116 shares in the last quarter. Finally, NINE MASTS CAPITAL Ltd purchased a new stake in Patrick Industries during the 3rd quarter worth about $1,472,000. 93.29% of the stock is currently 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.