Patrick Industries (PATK) Rating Lowered to Hold at BidaskClub

Patrick Industries (NASDAQ:PATK) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other equities analysts have also recently weighed in on PATK. Bank of America upped their price objective on shares of Patrick Industries from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, March 15th. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Thursday, February 15th. Robert W. Baird restated a “buy” rating on shares of Patrick Industries in a research report on Friday, February 16th. Wells Fargo restated a “market perform” rating and set a $66.00 price objective (down from $90.00) on shares of Patrick Industries in a research report on Thursday, December 14th. Finally, ValuEngine upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Patrick Industries currently has an average rating of “Buy” and a consensus price target of $74.60.

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PATK stock traded down $2.45 during trading hours on Friday, reaching $61.50. 266,433 shares of the company’s stock were exchanged, compared to its average volume of 204,812. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.01 and a quick ratio of 0.72. The firm has a market capitalization of $1,628.88, a PE ratio of 17.67, a PEG ratio of 1.34 and a beta of 0.89. Patrick Industries has a 52 week low of $40.07 and a 52 week high of $72.35.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 15th. The construction company reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.14. The company had revenue of $475.57 million during the quarter, compared to analysts’ expectations of $415.87 million. Patrick Industries had a net margin of 5.24% and a return on equity of 23.60%. The firm’s revenue for the quarter was up 46.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. equities research analysts predict that Patrick Industries will post 4.17 earnings per share for the current year.

Patrick Industries announced that its Board of Directors has approved a share buyback plan on Tuesday, January 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, insider Courtney Blosser sold 2,000 shares of the stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $67.32, for a total value of $134,640.00. Following the completion of the sale, the insider now directly owns 41,965 shares in the company, valued at $2,825,083.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director M Scott Welch bought 1,272 shares of Patrick Industries stock in a transaction dated Thursday, February 22nd. The stock was acquired at an average price of $62.47 per share, with a total value of $79,461.84. The disclosure for this purchase can be found here. 5.20% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Catalyst Capital Advisors LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at about $160,000. Quadrature Capital Ltd acquired a new stake in shares of Patrick Industries in the fourth quarter valued at about $210,000. Xact Kapitalforvaltning AB acquired a new stake in shares of Patrick Industries in the fourth quarter valued at about $216,000. M&T Bank Corp acquired a new stake in shares of Patrick Industries in the fourth quarter valued at about $224,000. Finally, Amalgamated Bank acquired a new stake in shares of Patrick Industries in the fourth quarter valued at about $246,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

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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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