Patrick Industries, Inc. (NASDAQ:PATK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.

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 recently issued research reports about the company. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $75.00 price target (up previously from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, June 9th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $76.50.

Shares of Patrick Industries (PATK) opened at 69.40 on Friday. Patrick Industries has a 52 week low of $50.80 and a 52 week high of $86.10. The firm has a 50-day moving average price of $72.79 and a 200 day moving average price of $72.40. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 16.97 and a beta of 0.92.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.12. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The business had revenue of $407.20 million during the quarter, compared to analysts’ expectations of $384.54 million. During the same quarter in the prior year, the firm earned $1.10 earnings per share. The business’s revenue was up 29.2% compared to the same quarter last year. On average, analysts forecast that Patrick Industries will post $4.34 EPS for the current fiscal year.

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In related news, Director Walter E. Wells sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $72.12, for a total value of $216,360.00. Following the completion of the sale, the director now owns 44,240 shares of the company’s stock, valued at $3,190,588.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 6.20% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of PATK. Ameritas Investment Partners Inc. boosted its stake in Patrick Industries by 13.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after buying an additional 168 shares in the last quarter. Pinebridge Investments L.P. boosted its stake in Patrick Industries by 10.0% in the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock valued at $153,000 after buying an additional 191 shares in the last quarter. Pacad Investment Ltd. boosted its stake in Patrick Industries by 76.9% in the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock valued at $168,000 after buying an additional 1,000 shares in the last quarter. Advisor Group Inc. boosted its stake in Patrick Industries by 12.1% in the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock valued at $168,000 after buying an additional 247 shares in the last quarter. Finally, UBS Asset Management Americas Inc. bought a new stake in Patrick Industries during the second quarter valued at approximately $202,000. 91.21% of the stock is owned by hedge funds and other institutional investors.

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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