Zacks Investment Research upgraded shares of Patrick Industries, Inc. (NASDAQ:PATK) from a hold rating to a buy rating in a report published on Friday. They currently have $94.00 price target on the construction company’s stock.

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. “

Several other research firms also recently commented on PATK. BidaskClub raised shares of Patrick Industries from a hold rating to a buy rating in a research note on Friday, June 9th. Wells Fargo & Company reiterated a market perform rating and issued a $75.00 target price (up previously from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $80.75.

Patrick Industries (NASDAQ:PATK) opened at 86.25 on Friday. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 21.19 and a beta of 0.88. Patrick Industries has a 12 month low of $50.80 and a 12 month high of $86.25. The company’s 50-day moving average price is $75.14 and its 200 day moving average price is $72.02.

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

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In other Patrick Industries news, Director Walter E. Wells sold 3,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $72.12, for a total value of $216,360.00. Following the transaction, the director now owns 44,240 shares in the company, valued at $3,190,588.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Andy L. Nemeth sold 7,000 shares of the business’s stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $83.58, for a total transaction of $585,060.00. Following the completion of the transaction, the president now owns 69,193 shares in the company, valued at approximately $5,783,150.94. The disclosure for this sale can be found here. Insiders have sold a total of 135,804 shares of company stock valued at $10,953,220 over the last quarter. 6.20% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. increased 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 purchasing an additional 168 shares during the period. Pinebridge Investments L.P. raised its position 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 purchasing an additional 191 shares during the last quarter. Advisor Group Inc. raised its position 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 purchasing an additional 247 shares during the last quarter. Pacad Investment Ltd. raised its position 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 purchasing an additional 1,000 shares during the last quarter. Finally, UBS Asset Management Americas Inc. bought a new position in Patrick Industries during the 2nd quarter valued at approximately $202,000. 89.73% of the stock is currently owned by 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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