Patrick Industries, Inc. (NASDAQ:PATK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Saturday. The firm presently has a $83.00 price objective on the construction company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 8.78% from the stock’s current price.

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. “

A number of other research firms have also recently commented on PATK. Wells Fargo & Company reaffirmed a “market perform” rating and set a $75.00 price target (up from $72.00) on shares of Patrick Industries in a research note on Monday, June 19th. BidaskClub raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research note on Friday, June 9th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $78.00.

Patrick Industries (NASDAQ PATK) opened at 76.30 on Friday. Patrick Industries has a 52 week low of $50.80 and a 52 week high of $86.10. The company has a market capitalization of $1.28 billion, a P/E ratio of 18.66 and a beta of 0.91. The stock’s 50 day moving average is $72.89 and its 200 day moving average is $71.65.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.12. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The firm had revenue of $407.20 million during the quarter, compared to analysts’ expectations of $384.54 million. During the same period in the previous year, the company earned $1.10 EPS. The firm’s revenue for the quarter was up 29.2% compared to the same quarter last year. On average, equities research analysts expect that Patrick Industries will post $4.35 earnings per share for the current year.

ILLEGAL ACTIVITY NOTICE: “Patrick Industries, Inc. (PATK) Rating Increased to Buy at Zacks Investment Research” was first published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this news story on another website, it was stolen and reposted in violation of US and international copyright & trademark laws. The correct version of this news story can be accessed at https://www.thecerbatgem.com/2017/09/18/patrick-industries-inc-patk-rating-increased-to-buy-at-zacks-investment-research.html.

In related news, VP Joshua A. Boone sold 520 shares of Patrick Industries stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $73.00, for a total transaction of $37,960.00. Following the completion of the sale, the vice president now owns 7,445 shares in the company, valued at approximately $543,485. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul E. Hassler sold 5,000 shares of Patrick Industries stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $75.00, for a total transaction of $375,000.00. Following the sale, the director now owns 52,811 shares of the company’s stock, valued at approximately $3,960,825. The disclosure for this sale can be found here. Insiders have sold a total of 16,120 shares of company stock valued at $1,196,440 in the last quarter. 6.20% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. lifted its holdings in Patrick Industries by 13.4% during the 2nd 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. lifted its holdings in Patrick Industries by 10.0% during the 2nd 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. Advisor Group Inc. lifted its holdings in Patrick Industries by 12.1% during the 2nd 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. Pacad Investment Ltd. lifted its holdings in Patrick Industries by 76.9% during the 2nd 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. Finally, UBS Asset Management Americas Inc. bought a new stake in Patrick Industries during the 2nd quarter valued at about $202,000. Institutional investors own 89.83% of the company’s stock.

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.

Receive News & Stock Ratings for Patrick Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries Inc. and related stocks with our FREE daily email newsletter.