Patrick Industries (PATK) Receives Market Perform Rating from Wells Fargo & Company
Wells Fargo & Company reiterated their market perform rating on shares of Patrick Industries (NASDAQ:PATK) in a research report released on Thursday morning. Wells Fargo & Company currently has a $66.00 price objective on the construction company’s stock, down from their previous price objective of $90.00.
A number of other analysts have also issued reports on the company. Zacks Investment Research raised Patrick Industries from a hold rating to a buy rating and set a $54.67 target price on the stock in a research report on Thursday, August 31st. Bank of America upped their price objective on Patrick Industries from $56.67 to $62.00 and gave the stock a buy rating in a research report on Tuesday, October 24th. Robert W. Baird reiterated a buy rating on shares of Patrick Industries in a research note on Thursday, October 12th. Finally, ValuEngine upgraded shares of Patrick Industries from a hold rating to a buy rating in a research note on Monday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Patrick Industries currently has a consensus rating of Buy and an average price target of $64.27.
Shares of Patrick Industries (NASDAQ:PATK) traded down $0.90 during trading on Thursday, hitting $64.85. The company had a trading volume of 113,400 shares, compared to its average volume of 176,679. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.72. Patrick Industries has a 1 year low of $40.07 and a 1 year high of $68.63. The stock has a market cap of $1,659.06, a price-to-earnings ratio of 22.57, a PEG ratio of 1.89 and a beta of 0.99.
In related news, CEO Todd M. Cleveland sold 17,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $80.11, for a total transaction of $1,401,925.00. Following the sale, the chief executive officer now owns 382,227 shares in the company, valued at $30,620,204.97. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul E. Hassler sold 10,000 shares of Patrick Industries stock in a transaction on Monday, September 18th. The shares were sold at an average price of $77.00, for a total transaction of $770,000.00. Following the completion of the transaction, the director now owns 32,911 shares in the company, valued at approximately $2,534,147. The disclosure for this sale can be found here. Insiders sold 242,660 shares of company stock worth $20,754,238 over the last quarter. Company insiders own 5.20% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Voya Investment Management LLC increased its stake in Patrick Industries by 19.4% during the 2nd quarter. Voya Investment Management LLC now owns 7,158 shares of the construction company’s stock worth $521,000 after buying an additional 1,163 shares during the period. Legal & General Group Plc boosted its holdings in shares of Patrick Industries by 9.7% in the 2nd quarter. Legal & General Group Plc now owns 28,863 shares of the construction company’s stock valued at $2,105,000 after buying an additional 2,548 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Patrick Industries in the 2nd quarter valued at about $873,000. Piedmont Investment Advisors LLC acquired a new position in shares of Patrick Industries in the 2nd quarter valued at about $251,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Patrick Industries by 2.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 672,959 shares of the construction company’s stock valued at $49,026,000 after buying an additional 15,321 shares during the period. 89.33% of the stock is currently owned by institutional investors and hedge funds.
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Patrick Industries Company Profile
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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