Somewhat Positive News Coverage Somewhat Unlikely to Impact Patrick Industries (PATK) Share Price

Media coverage about Patrick Industries (NASDAQ:PATK) has been trending somewhat positive this week, according to Accern. Accern rates the sentiment of news coverage by reviewing more than 20 million news and blog sources in real time. Accern ranks coverage of public companies on a scale of -1 to 1, with scores closest to one being the most favorable. Patrick Industries earned a coverage optimism score of 0.08 on Accern’s scale. Accern also gave news headlines about the construction company an impact score of 46.0624325118926 out of 100, indicating that recent news coverage is somewhat unlikely to have an impact on the stock’s share price in the near future.

Here are some of the news headlines that may have impacted Accern’s analysis:

Several analysts recently commented on the stock. Zacks Investment Research lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Finally, Wells Fargo & Company reissued a “market perform” rating and set a $75.00 target price (up from $72.00) on shares of Patrick Industries in a research note on Monday, June 19th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $80.75.

Patrick Industries (NASDAQ PATK) traded down 0.53% during mid-day trading on Thursday, reaching $83.95. 84,050 shares of the company traded hands. The stock’s 50-day moving average price is $75.84 and its 200-day moving average price is $72.23. The firm has a market cap of $1.41 billion, a PE ratio of 20.53 and a beta of 0.89. Patrick Industries has a one year low of $50.80 and a one year high of $87.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.16 by $0.12. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The company had revenue of $407.20 million during the quarter, compared to analysts’ expectations of $384.54 million. During the same quarter in the previous year, the company earned $1.10 EPS. Patrick Industries’s revenue was up 29.2% on a year-over-year basis. Analysts forecast that Patrick Industries will post $4.35 earnings per share for the current fiscal year.

In related news, Director Walter E. Wells sold 3,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $72.12, for a total transaction of $216,360.00. Following the transaction, the director now owns 44,240 shares of the company’s stock, valued at approximately $3,190,588.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Andy L. Nemeth sold 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $79.95, for a total transaction of $799,500.00. Following the transaction, the president now directly owns 79,193 shares in the company, valued at approximately $6,331,480.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 198,546 shares of company stock valued at $16,327,660. 6.20% of the stock is owned by corporate insiders.

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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.

Insider Buying and Selling by Quarter for Patrick Industries (NASDAQ:PATK)

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