News headlines about Patrick Industries (NASDAQ:PATK) have been trending somewhat positive this week, according to Accern Sentiment Analysis. The research firm ranks the sentiment of media coverage by reviewing more than twenty million blog and news sources in real time. Accern ranks coverage of companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Patrick Industries earned a media sentiment score of 0.17 on Accern’s scale. Accern also assigned news headlines about the construction company an impact score of 44.5077300510758 out of 100, meaning that recent media coverage is somewhat unlikely to have an effect on the company’s share price in the near term.
Here are some of the news headlines that may have effected Accern’s rankings:
- BidaskClub Downgrades Patrick Industries (PATK) to Hold (americanbankingnews.com)
- Patrick Industries, Inc. (PATK) Receives Consensus Rating of “Buy” from Analysts (americanbankingnews.com)
- Wired News – Patrick Industries Adds Collins & Co. to its List of Recent Acquisitions (finance.yahoo.com)
- Insider Selling: Patrick Industries, Inc. (PATK) Insider Sells 2,000 Shares of Stock (americanbankingnews.com)
- Joshua A. Boone Sells 814 Shares of Patrick Industries, Inc. (PATK) Stock (americanbankingnews.com)
A number of research firms have issued reports on PATK. BidaskClub cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, January 18th. Robert W. Baird reiterated a “buy” rating on shares of Patrick Industries in a research note on Friday, February 16th. ValuEngine upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research note on Monday, December 11th. Zacks Investment Research cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, February 14th. Finally, Bank of America raised their target price on Patrick Industries from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $74.60.
Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 15th. The construction company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.14. Patrick Industries had a net margin of 5.24% and a return on equity of 23.60%. The business had revenue of $475.57 million for the quarter, compared to analysts’ expectations of $415.87 million. During the same period in the previous year, the business earned $0.59 earnings per share. The company’s revenue was up 46.8% on a year-over-year basis. research analysts predict that Patrick Industries will post 4.17 EPS for the current year.
Patrick Industries announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, VP Joshua A. Boone sold 814 shares of Patrick Industries stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $67.13, for a total transaction of $54,643.82. Following the sale, the vice president now directly owns 18,529 shares in the company, valued at $1,243,851.77. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director M Scott Welch acquired 5,550 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The shares were bought at an average price of $60.60 per share, for a total transaction of $336,330.00. Following the completion of the purchase, the director now owns 63,862 shares of the company’s stock, valued at $3,870,037.20. The disclosure for this purchase can be found here. 5.20% of the stock is owned by insiders.
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About Patrick Industries
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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