Zacks Investment Research Downgrades Patrick Industries, Inc. (PATK) to Hold

Zacks Investment Research lowered shares of Patrick Industries, Inc. (NASDAQ:PATK) from a buy rating to a hold rating in a research report released on Wednesday.

According to Zacks, “PATRICK INDUSTRIES, INC. is a manufacturer and supplier of building products and materials to the manufactured housing and recreational vehicle industries. In addition, they are expanding as a supplier to certain other industrial markets, such as furniture manufacturing, marine and the automotive aftermarket. They manufacture decorative vinyl and paper panels, cabinet doors, countertops, aluminum extrusions, drawer sides and wood adhesives. “

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company reiterated a market perform rating and set a $75.00 price target (up from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. BidaskClub lowered shares of Patrick Industries from a buy rating to a hold rating in a report on Saturday, July 8th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $80.75.

Shares of Patrick Industries (PATK) opened at 84.60 on Wednesday. The firm has a market capitalization of $1.42 billion, a PE ratio of 20.68 and a beta of 0.89. The stock’s 50 day moving average is $76.64 and its 200 day moving average is $72.41. Patrick Industries has a 52-week low of $50.80 and a 52-week high of $87.90.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, beating the Zacks’ 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 analyst estimates of $384.54 million. During the same period in the prior year, the business posted $1.10 EPS. The firm’s revenue was up 29.2% compared to the same quarter last year. On average, equities research analysts forecast that Patrick Industries will post $4.35 EPS for the current year.

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In related news, CEO Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $86.26, for a total transaction of $862,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Walter E. Wells sold 3,000 shares of the company’s stock in a transaction 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 sale, the director now owns 44,240 shares of the company’s stock, valued at $3,190,588.80. The disclosure for this sale can be found here. Insiders have sold a total of 198,546 shares of company stock valued at $16,327,660 over the last quarter. 6.20% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the business. Alps Advisors Inc. increased its position in Patrick Industries by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 6,879 shares of the construction company’s stock valued at $501,000 after purchasing an additional 18 shares during the period. Texas Permanent School Fund increased its position in Patrick Industries by 0.6% during the 2nd quarter. Texas Permanent School Fund now owns 11,624 shares of the construction company’s stock valued at $847,000 after purchasing an additional 71 shares during the period. Aperio Group LLC increased its position in Patrick Industries by 2.9% during the 2nd quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock valued at $223,000 after purchasing an additional 85 shares during the period. California Public Employees Retirement System increased its position in Patrick Industries by 0.3% during the 2nd quarter. California Public Employees Retirement System now owns 33,000 shares of the construction company’s stock valued at $2,404,000 after purchasing an additional 100 shares during the period. Finally, Ameritas Investment Partners Inc. increased its position in Patrick Industries by 13.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after purchasing an additional 168 shares during the period. 89.73% of the stock is currently owned by institutional investors and hedge funds.

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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