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

Patrick Industries (NASDAQ:PATK) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

Several other research firms also recently commented on PATK. BMO Capital Markets increased their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Truist Financial cut their price objective on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. KeyCorp lifted their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Raymond James dropped their target price on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Finally, Benchmark reiterated a “buy” rating and issued a $96.67 price target on shares of Patrick Industries in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.63.

Patrick Industries Trading Up 0.6 %

NASDAQ:PATK opened at $92.72 on Thursday. Patrick Industries has a 12 month low of $63.52 and a 12 month high of $98.90. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The firm’s 50 day moving average is $87.15 and its 200 day moving average is $86.46. The stock has a market capitalization of $3.12 billion, a PE ratio of 19.98, a price-to-earnings-growth ratio of 1.25 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.02). The firm had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.21 earnings per share. Sell-side analysts expect that Patrick Industries will post 4.28 earnings per share for the current year.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the transaction, the chief executive officer now directly owns 379,678 shares in the company, valued at approximately $34,171,020. This represents a 7.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of PATK. Inspire Investing LLC raised its position in shares of Patrick Industries by 61.2% during the 4th quarter. Inspire Investing LLC now owns 5,276 shares of the construction company’s stock valued at $438,000 after buying an additional 2,004 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Patrick Industries by 47.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,608 shares of the construction company’s stock valued at $2,460,000 after purchasing an additional 9,471 shares in the last quarter. Redmont Wealth Advisors LLC lifted its stake in Patrick Industries by 51.6% during the fourth quarter. Redmont Wealth Advisors LLC now owns 7,585 shares of the construction company’s stock worth $630,000 after purchasing an additional 2,581 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Patrick Industries by 50.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 16,091 shares of the construction company’s stock worth $1,337,000 after purchasing an additional 5,391 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in shares of Patrick Industries by 35.1% in the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after purchasing an additional 199 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.