Patrick Industries (NASDAQ:PATK) Upgraded by BidaskClub to Sell

BidaskClub upgraded shares of Patrick Industries (NASDAQ:PATK) from a strong sell rating to a sell rating in a research report sent to investors on Thursday morning, BidAskClub reports.

Other equities analysts have also recently issued reports about the stock. TheStreet cut shares of Patrick Industries from a b- rating to a c+ rating in a research report on Friday, August 2nd. Bank of America decreased their price target on shares of Patrick Industries from $51.00 to $36.00 and set an underperform rating on the stock in a report on Wednesday, September 4th. Zacks Investment Research raised shares of Patrick Industries from a sell rating to a hold rating in a report on Thursday, August 8th. Finally, ValuEngine lowered shares of Patrick Industries from a sell rating to a strong sell rating in a report on Friday, August 23rd. Three analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. Patrick Industries has a consensus rating of Hold and a consensus target price of $55.20.

Shares of NASDAQ:PATK traded up $1.27 during midday trading on Thursday, hitting $42.12. The stock had a trading volume of 13,392 shares, compared to its average volume of 191,657. The company’s 50-day moving average price is $39.67 and its 200-day moving average price is $44.72. The company has a market capitalization of $920.86 million, a P/E ratio of 9.11, a price-to-earnings-growth ratio of 1.39 and a beta of 2.10. The company has a quick ratio of 0.78, a current ratio of 2.01 and a debt-to-equity ratio of 1.37. Patrick Industries has a fifty-two week low of $27.32 and a fifty-two week high of $67.50.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, July 25th. The construction company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.14 by $0.04. The company had revenue of $613.20 million during the quarter, compared to analysts’ expectations of $621.33 million. Patrick Industries had a net margin of 4.43% and a return on equity of 23.07%. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 EPS. Research analysts expect that Patrick Industries will post 4.03 EPS for the current fiscal year.

In related news, Director M Scott Welch purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were bought at an average cost of $39.00 per share, with a total value of $390,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 7.60% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Patrick Industries during the 1st quarter worth approximately $257,000. New Jersey Better Educational Savings Trust bought a new stake in Patrick Industries during the 2nd quarter worth approximately $246,000. TimesSquare Capital Management LLC bought a new stake in Patrick Industries during the 2nd quarter worth approximately $20,429,000. New York State Teachers Retirement System grew its holdings in Patrick Industries by 21.3% during the 2nd quarter. New York State Teachers Retirement System now owns 18,250 shares of the construction company’s stock worth $898,000 after acquiring an additional 3,200 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in Patrick Industries by 334.5% during the 2nd quarter. Panagora Asset Management Inc. now owns 10,446 shares of the construction company’s stock worth $514,000 after acquiring an additional 8,042 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors.

About Patrick Industries

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; decorative vinyl and paper laminated panels; 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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