Patrick Industries (NASDAQ:PATK) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a buy rating in a research report report published on Thursday, Zacks.com reports. The firm currently has $50.00 target price on the construction company’s stock.

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. “

A number of other research firms also recently weighed in on PATK. Bank of America set a $275.00 price target on shares of SVB Financial Group and gave the stock a buy rating in a research note on Friday, April 26th. BidaskClub cut Zebra Technologies from a buy rating to a hold rating in a report on Tuesday. ValuEngine lowered W&T Offshore from a hold rating to a sell rating in a research report on Friday, April 26th. Finally, KeyCorp lifted their price objective on Rapid7 from $50.00 to $60.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Patrick Industries currently has an average rating of Hold and a consensus price target of $58.40.

Shares of NASDAQ:PATK traded down $0.38 during trading hours on Thursday, hitting $43.72. 3,819 shares of the company’s stock traded hands, compared to its average volume of 137,186. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.75 and a current ratio of 1.97. Patrick Industries has a 52 week low of $27.32 and a 52 week high of $67.50. The stock has a market cap of $1.06 billion, a P/E ratio of 9.38, a price-to-earnings-growth ratio of 1.48 and a beta of 2.03. The company’s fifty day simple moving average is $45.81.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, April 25th. The construction company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.02. Patrick Industries had a net margin of 4.77% and a return on equity of 25.64%. The business had revenue of $608.20 million during the quarter, compared to analyst estimates of $595.67 million. During the same period in the prior year, the firm earned $1.20 earnings per share. The firm’s revenue was up 10.2% compared to the same quarter last year. Analysts expect that Patrick Industries will post 4.29 EPS for the current fiscal year.

In related news, Director Jeffrey L. Et Al Gendell sold 45,254 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $46.45, for a total transaction of $2,102,048.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Walter E. Wells sold 10,000 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $50.60, for a total value of $506,000.00. Following the sale, the director now owns 50,030 shares of the company’s stock, valued at $2,531,518. The disclosure for this sale can be found here. Corporate insiders own 7.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Versant Capital Management Inc acquired a new stake in Patrick Industries during the first quarter worth approximately $32,000. Cutler Group LP bought a new stake in shares of Patrick Industries in the first quarter valued at $53,000. Municipal Employees Retirement System of Michigan bought a new stake in shares of Patrick Industries in the fourth quarter valued at $198,000. Everence Capital Management Inc. bought a new stake in shares of Patrick Industries in the first quarter valued at $202,000. Finally, BNP Paribas Arbitrage SA raised its stake in shares of Patrick Industries by 53,288.9% in the first quarter. BNP Paribas Arbitrage SA now owns 4,805 shares of the construction company’s stock valued at $218,000 after buying an additional 4,796 shares during the period. Institutional investors own 91.55% of the company’s stock.

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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