Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received a consensus recommendation of “Buy” from the six analysts that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $76.00.
Several research firms have commented on PATK. BidaskClub downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. Wells Fargo & Company reissued a “market perform” rating and issued a $75.00 target price (up from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Tuesday, May 23rd. Robert W. Baird began coverage on shares of Patrick Industries in a research report on Friday, April 21st. They issued an “outperform” rating and a $74.00 target price for the company. Finally, Bank of America Corporation began coverage on shares of Patrick Industries in a research report on Monday, April 17th. They issued a “buy” rating and a $80.00 target price for the company.
In other Patrick Industries news, Director M Scott Welch bought 5,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was bought at an average cost of $66.50 per share, with a total value of $332,500.00. Following the completion of the transaction, the director now directly owns 24,908 shares of the company’s stock, valued at approximately $1,656,382. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 6.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Eqis Capital Management Inc. acquired a new stake in Patrick Industries during the second quarter valued at approximately $226,000. State of Alaska Department of Revenue increased its stake in Patrick Industries by 78.0% in the second quarter. State of Alaska Department of Revenue now owns 3,132 shares of the construction company’s stock valued at $228,000 after buying an additional 1,372 shares in the last quarter. Nuveen Asset Management LLC increased its stake in Patrick Industries by 12.1% in the first quarter. Nuveen Asset Management LLC now owns 6,329 shares of the construction company’s stock valued at $449,000 after buying an additional 682 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in Patrick Industries by 2.3% in the first quarter. Public Employees Retirement System of Ohio now owns 84,005 shares of the construction company’s stock valued at $5,956,000 after buying an additional 1,877 shares in the last quarter. Finally, GW&K Investment Management LLC acquired a new stake in Patrick Industries during the second quarter valued at approximately $22,840,000. 91.30% of the stock is owned by institutional investors.
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Patrick Industries (PATK) traded up 0.51% during trading on Friday, hitting $73.95. 107,246 shares of the company traded hands. The firm has a 50 day moving average of $72.27 and a 200 day moving average of $74.08. The firm has a market cap of $1.24 billion, a P/E ratio of 18.90 and a beta of 0.91. Patrick Industries has a one year low of $50.80 and a one year high of $86.10.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, April 27th. The construction company reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.26. The firm had revenue of $345 million for the quarter, compared to analyst estimates of $327.37 million. Patrick Industries had a net margin of 4.64% and a return on equity of 29.55%. The company’s quarterly revenue was up 23.8% on a year-over-year basis. On average, analysts expect that Patrick Industries will post $4.20 earnings per share for the current fiscal year.
Patrick Industries Company Profile
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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