Zacks Investment Research cut shares of Patrick Industries (NASDAQ:PATK) from a strong-buy rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Patrick Industries, Inc. is a major manufacturer of component products and distributor of building products and materials for the Recreational Vehicle, Manufactured Housing and Marine industries. The Company also supplies many of its products to certain Industrial markets that include customers in the kitchen cabinet, office and household furniture, fixtures and commercial furnishings and other industrial markets. Patrick’s major manufactured products include decorative vinyl and paper laminated panels, solid surface, granite and quartz countertops, fabricated aluminum products, wrapped vinyl, paper and hardwood profile moldings, slide-out trim and fascia, cabinet doors and components, fiberglass bath fixtures, fiberglass and plastic helm systems and component products, wiring and wiring harnesses, and composite parts and polymer-based flooring and other products. Patrick Industries also distributes pre-finished wall and ceiling panels, drywall finishing products, and other miscellaneous products. “
Other research analysts have also issued reports about the stock. BidaskClub lowered shares of Patrick Industries from a hold rating to a sell rating in a report on Wednesday, September 26th. ValuEngine lowered shares of Patrick Industries from a hold rating to a sell rating in a report on Tuesday, October 2nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $73.20.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 26th. The construction company reported $1.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.21. Patrick Industries had a net margin of 5.49% and a return on equity of 27.49%. The business had revenue of $604.88 million during the quarter, compared to analyst estimates of $553.60 million. During the same period in the previous year, the business posted $1.23 EPS. The company’s quarterly revenue was up 48.6% on a year-over-year basis. Equities analysts forecast that Patrick Industries will post 4.75 earnings per share for the current year.
In other news, Director Walter E. Wells sold 4,000 shares of Patrick Industries stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $64.10, for a total value of $256,400.00. Following the completion of the transaction, the director now directly owns 61,030 shares of the company’s stock, valued at approximately $3,912,023. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 5.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of PATK. Xact Kapitalforvaltning AB lifted its position in Patrick Industries by 29.0% in the 1st quarter. Xact Kapitalforvaltning AB now owns 4,008 shares of the construction company’s stock valued at $248,000 after purchasing an additional 900 shares during the last quarter. Raymond James & Associates lifted its position in Patrick Industries by 22.9% in the 2nd quarter. Raymond James & Associates now owns 4,937 shares of the construction company’s stock valued at $281,000 after purchasing an additional 921 shares during the last quarter. New York State Common Retirement Fund lifted its position in Patrick Industries by 2.5% in the 1st quarter. New York State Common Retirement Fund now owns 39,557 shares of the construction company’s stock valued at $2,447,000 after purchasing an additional 979 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in Patrick Industries by 7.1% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 15,774 shares of the construction company’s stock valued at $897,000 after purchasing an additional 1,050 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in Patrick Industries by 32.9% in the 1st quarter. Russell Investments Group Ltd. now owns 5,404 shares of the construction company’s stock valued at $334,000 after purchasing an additional 1,337 shares during the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.
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; 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.
Recommended Story: NASDAQ Stock Market Explained
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.