Patrick Industries (NASDAQ:PATK) Stock Rating Lowered by Wall Street Zen

Patrick Industries (NASDAQ:PATK) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday.

A number of other equities research analysts have also weighed in on PATK. Truist Financial set a $126.00 target price on shares of Patrick Industries in a report on Friday, January 9th. Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Roth Mkm reissued a “buy” rating and issued a $157.00 price objective on shares of Patrick Industries in a research note on Monday, February 9th. Robert W. Baird set a $140.00 target price on Patrick Industries in a report on Friday, February 6th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $135.13.

Patrick Industries Trading Up 0.3%

Shares of Patrick Industries stock opened at $116.21 on Friday. The stock has a market capitalization of $3.86 billion, a PE ratio of 29.72 and a beta of 1.33. Patrick Industries has a 52 week low of $72.99 and a 52 week high of $148.50. The stock has a 50 day moving average price of $127.03 and a two-hundred day moving average price of $113.65. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The firm had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. During the same quarter in the prior year, the company posted $0.52 earnings per share. The business’s revenue was up 9.2% on a year-over-year basis. As a group, equities analysts anticipate that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Insider Activity

In related news, Director John A. Forbes sold 2,704 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the sale, the director directly owned 49,272 shares of the company’s stock, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total value of $2,875,000.00. Following the sale, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. This trade represents a 7.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,607 shares of company stock worth $3,823,904 in the last quarter. 4.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PATK. Vanguard Group Inc. raised its stake in shares of Patrick Industries by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock worth $267,883,000 after purchasing an additional 16,959 shares during the period. Wellington Management Group LLP grew its position in Patrick Industries by 19.9% during the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock valued at $240,401,000 after buying an additional 367,802 shares during the period. Capital Research Global Investors increased its holdings in Patrick Industries by 24.4% during the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after buying an additional 223,014 shares during the last quarter. Geode Capital Management LLC increased its holdings in Patrick Industries by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock worth $88,870,000 after buying an additional 4,816 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Patrick Industries by 17.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock worth $81,205,000 after acquiring an additional 112,766 shares during the period. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.