Patrick Industries (PATK) Stock Rating Upgraded by TheStreet

Patrick Industries (NASDAQ:PATK) was upgraded by equities research analysts at TheStreet from a “c+” rating to a “b-” rating in a report released on Monday.

PATK has been the subject of several other reports. BidaskClub cut Patrick Industries from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. KeyCorp raised their target price on Patrick Industries from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 19th. Wells Fargo & Co raised their target price on Patrick Industries from $30.00 to $49.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 27th. Zacks Investment Research raised Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, March 13th. Finally, ValuEngine upgraded Patrick Industries from a “strong sell” rating to a “sell” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Patrick Industries currently has an average rating of “Hold” and a consensus price target of $62.00.

PATK opened at $45.01 on Monday. Patrick Industries has a 1-year low of $27.32 and a 1-year high of $67.50. The company has a debt-to-equity ratio of 1.52, a current ratio of 2.44 and a quick ratio of 0.71. The company has a market capitalization of $1.11 billion, a PE ratio of 9.68, a price-to-earnings-growth ratio of 0.65 and a beta of 1.92.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 14th. The construction company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.75 by $0.21. The firm had revenue of $531.00 million during the quarter, compared to analysts’ expectations of $519.00 million. Patrick Industries had a return on equity of 28.26% and a net margin of 5.30%. Patrick Industries’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business earned $0.87 earnings per share. As a group, sell-side analysts predict that Patrick Industries will post 4.76 EPS for the current year.

In other news, Director Walter E. Wells sold 1,000 shares of the firm’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $45.34, for a total value of $45,340.00. Following the completion of the sale, the director now directly owns 60,030 shares in the company, valued at $2,721,760.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 5.60% of the company’s stock.

Several large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Patrick Industries by 2.5% in the third quarter. BlackRock Inc. now owns 3,350,263 shares of the construction company’s stock valued at $198,335,000 after buying an additional 82,322 shares in the last quarter. Vanguard Group Inc increased its stake in shares of Patrick Industries by 1.4% in the third quarter. Vanguard Group Inc now owns 1,386,725 shares of the construction company’s stock valued at $82,094,000 after buying an additional 19,460 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Patrick Industries by 1.4% in the third quarter. Vanguard Group Inc. now owns 1,386,725 shares of the construction company’s stock valued at $82,094,000 after buying an additional 19,460 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Patrick Industries by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,074,342 shares of the construction company’s stock valued at $31,812,000 after buying an additional 51,096 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Patrick Industries by 3.6% in the third quarter. JPMorgan Chase & Co. now owns 593,889 shares of the construction company’s stock valued at $35,158,000 after buying an additional 20,554 shares in the last quarter. Institutional investors own 88.27% of the company’s stock.

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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