Zacks Investment Research Lowers Patrick Industries, Inc. (PATK) to Hold
Patrick Industries, Inc. (NASDAQ:PATK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
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. “
PATK has been the topic of a number of other reports. BidaskClub downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. Wells Fargo & Company restated a “market perform” rating and issued a $75.00 price target (up from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $78.00.
Patrick Industries (NASDAQ:PATK) opened at 84.35 on Thursday. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 20.62 and a beta of 0.91. The firm has a 50-day moving average of $73.03 and a 200-day moving average of $71.46. Patrick Industries has a 1-year low of $50.80 and a 1-year high of $86.10.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate 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 for the quarter, compared to the consensus estimate of $384.54 million. During the same period in the prior year, the firm posted $1.10 EPS. The firm’s revenue was up 29.2% compared to the same quarter last year. On average, analysts expect that Patrick Industries will post $4.35 earnings per share for the current year.
In other news, CEO Todd M. Cleveland sold 17,500 shares of the firm’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $80.11, for a total value of $1,401,925.00. Following the transaction, the chief executive officer now directly owns 382,227 shares in the company, valued at approximately $30,620,204.97. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Walter E. Wells sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $72.12, for a total transaction of $216,360.00. Following the completion of the transaction, the director now owns 44,240 shares in the company, valued at $3,190,588.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,120 shares of company stock worth $5,154,815. Insiders own 6.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Alps Advisors Inc. lifted its position in shares of Patrick Industries by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 6,879 shares of the construction company’s stock worth $501,000 after buying an additional 18 shares during the last quarter. Texas Permanent School Fund lifted its position in shares of Patrick Industries by 0.6% in the 2nd quarter. Texas Permanent School Fund now owns 11,624 shares of the construction company’s stock worth $847,000 after buying an additional 71 shares during the last quarter. Aperio Group LLC lifted its position in shares of Patrick Industries by 2.9% in the 2nd quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock worth $223,000 after buying an additional 85 shares during the last quarter. California Public Employees Retirement System lifted its position in shares of Patrick Industries by 0.3% in the 2nd quarter. California Public Employees Retirement System now owns 33,000 shares of the construction company’s stock worth $2,404,000 after buying an additional 100 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its position in shares of Patrick Industries by 13.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after buying an additional 168 shares during the last quarter. Institutional investors own 89.73% 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.
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