Patrick Industries, Inc. (NASDAQ:PATK)’s share price rose 4.1% on Wednesday . The company traded as high as $38.73 and last traded at $40.16, approximately 7,284 shares were traded during mid-day trading. A decline of 96% from the average daily volume of 187,794 shares. The stock had previously closed at $38.58.

Several research analysts have issued reports on the company. Bank of America reduced their price objective on Patrick Industries from $51.00 to $36.00 and set an “underperform” rating on the stock in a report on Wednesday, September 4th. BidaskClub lowered shares of Patrick Industries from a “sell” rating to a “strong sell” rating in a report on Friday, August 16th. Zacks Investment Research upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. ValuEngine lowered Patrick Industries from a “sell” rating to a “strong sell” rating in a research report on Friday, August 23rd. Finally, TheStreet cut Patrick Industries from a “b-” rating to a “c+” rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. Patrick Industries currently has an average rating of “Hold” and a consensus price target of $55.20.

The company has a current ratio of 2.01, a quick ratio of 0.78 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $852.36 million, a price-to-earnings ratio of 8.88, a price-to-earnings-growth ratio of 1.29 and a beta of 2.10. The firm’s 50 day moving average price is $39.74 and its two-hundred day moving average price is $44.76.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 25th. The construction company reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.04. Patrick Industries had a net margin of 4.43% and a return on equity of 23.07%. The firm had revenue of $613.20 million during the quarter, compared to analysts’ expectations of $621.33 million. During the same period in the previous year, the business posted $1.42 earnings per share. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, equities research analysts predict that Patrick Industries, Inc. will post 4.03 EPS for the current year.

In related news, Director Jeffrey L. Et Al Gendell sold 45,254 shares of Patrick Industries stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $46.45, for a total value of $2,102,048.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director M Scott Welch acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were acquired at an average price of $39.00 per share, with a total value of $390,000.00. The disclosure for this purchase can be found here. Corporate insiders own 7.60% of the company’s stock.

Several large investors have recently made changes to their positions in PATK. River & Mercantile Asset Management LLP bought a new position in Patrick Industries during the 2nd quarter worth $2,826,000. Ladenburg Thalmann Financial Services Inc. grew its stake in Patrick Industries by 187.3% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,747 shares of the construction company’s stock worth $135,000 after purchasing an additional 1,791 shares during the period. Private Capital Group LLC acquired a new position in Patrick Industries in the second quarter valued at approximately $56,000. Nuveen Asset Management LLC boosted its stake in Patrick Industries by 746.4% during the second quarter. Nuveen Asset Management LLC now owns 101,814 shares of the construction company’s stock worth $5,008,000 after acquiring an additional 89,785 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Patrick Industries by 2.7% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 809,549 shares of the construction company’s stock valued at $39,822,000 after buying an additional 21,029 shares in the last quarter. Institutional investors own 90.96% of the company’s stock.

About Patrick Industries (NASDAQ:PATK)

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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