Patrick Industries (NASDAQ:PATK) Downgraded to Sell Rating by StockNews.com

StockNews.com lowered shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research note published on Thursday morning.

Other equities research analysts have also issued research reports about the stock. Benchmark reissued a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a report on Monday, November 4th. Truist Financial increased their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. KeyCorp increased their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. BMO Capital Markets increased their target price on shares of Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, DA Davidson increased their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $139.88.

Patrick Industries Stock Performance

Shares of PATK traded down $0.79 during trading hours on Thursday, hitting $130.37. The stock had a trading volume of 70,150 shares, compared to its average volume of 188,307. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The firm has a 50-day moving average price of $136.35 and a 200 day moving average price of $123.08. Patrick Industries has a fifty-two week low of $80.62 and a fifty-two week high of $148.35. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 1.40 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The company had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.81 earnings per share. As a group, research analysts anticipate that Patrick Industries will post 6.43 EPS for the current year.

Insider Activity at Patrick Industries

In other news, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the sale, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. This represents a 8.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. This represents a 7.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock valued at $3,858,915 over the last 90 days. 4.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. HighTower Advisors LLC acquired a new stake in Patrick Industries in the 3rd quarter valued at $408,000. Benjamin Edwards Inc. bought a new stake in Patrick Industries in the third quarter valued at about $2,413,000. Verition Fund Management LLC bought a new stake in Patrick Industries in the third quarter valued at about $418,000. Public Sector Pension Investment Board increased its holdings in shares of Patrick Industries by 2.6% in the third quarter. Public Sector Pension Investment Board now owns 47,553 shares of the construction company’s stock worth $6,770,000 after acquiring an additional 1,200 shares in the last quarter. Finally, De Lisle Partners LLP increased its holdings in shares of Patrick Industries by 30.3% in the third quarter. De Lisle Partners LLP now owns 35,201 shares of the construction company’s stock worth $5,010,000 after acquiring an additional 8,184 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.