Patrick Industries, Inc. (PATK) Receives $75.25 Average Price Target from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received a consensus rating of “Buy” from the seven analysts that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $75.25.

A number of research analysts recently weighed in on PATK shares. Bank of America upped their price objective on Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. BidaskClub lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, January 18th. Wells Fargo dropped their price objective on Patrick Industries from $75.00 to $66.00 and set a “market perform” rating on the stock in a report on Tuesday, April 10th. They noted that the move was a valuation call. Robert W. Baird reaffirmed a “buy” rating on shares of Patrick Industries in a report on Friday, February 16th. Finally, Zacks Investment Research lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th.

In other Patrick Industries news, insider Courtney Blosser sold 2,000 shares of the company’s stock in a transaction on Friday, March 16th. The stock was sold at an average price of $67.32, for a total value of $134,640.00. Following the sale, the insider now owns 41,965 shares of the company’s stock, valued at $2,825,083.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director M Scott Welch bought 5,550 shares of the stock in a transaction on Friday, March 2nd. The stock was purchased at an average cost of $60.60 per share, for a total transaction of $336,330.00. Following the acquisition, the director now directly owns 63,862 shares of the company’s stock, valued at approximately $3,870,037.20. The disclosure for this purchase can be found here. 5.20% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of PATK. American International Group Inc. grew its holdings in Patrick Industries by 5.8% in the third quarter. American International Group Inc. now owns 12,786 shares of the construction company’s stock valued at $1,075,000 after purchasing an additional 699 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Patrick Industries by 35.3% in the third quarter. Wells Fargo & Company MN now owns 86,783 shares of the construction company’s stock valued at $7,298,000 after purchasing an additional 22,636 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Patrick Industries by 16.0% in the third quarter. Schwab Charles Investment Management Inc. now owns 76,652 shares of the construction company’s stock valued at $6,447,000 after purchasing an additional 10,547 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Patrick Industries by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 675,042 shares of the construction company’s stock valued at $56,771,000 after purchasing an additional 2,083 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in Patrick Industries by 3.3% in the third quarter. California Public Employees Retirement System now owns 34,103 shares of the construction company’s stock valued at $2,868,000 after purchasing an additional 1,103 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Shares of Patrick Industries stock traded up $0.25 during trading hours on Monday, hitting $53.65. 255,583 shares of the company were exchanged, compared to its average volume of 263,954. Patrick Industries has a 1 year low of $42.77 and a 1 year high of $72.35. 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 stock has a market capitalization of $1,352.31, a PE ratio of 16.87, a price-to-earnings-growth ratio of 1.09 and a beta of 0.83.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 15th. The construction company reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.14. Patrick Industries had a return on equity of 23.60% and a net margin of 5.24%. The business had revenue of $475.57 million during the quarter, compared to analysts’ expectations of $415.87 million. During the same quarter in the prior year, the business earned $0.59 earnings per share. The company’s quarterly revenue was up 46.8% compared to the same quarter last year. equities research analysts anticipate that Patrick Industries will post 4.3 EPS for the current year.

Patrick Industries announced that its board has authorized a stock buyback plan on Tuesday, January 30th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the construction company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

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Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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