Patrick Industries (NASDAQ:PATK) had its price target lowered by research analysts at Sidoti from $74.00 to $53.00 in a report released on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “buy” rating on the construction company’s stock. Sidoti’s price objective points to a potential upside of 72.08% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. KeyCorp increased their price objective on shares of Patrick Industries from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Zacks Investment Research downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday, March 11th. BidaskClub raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Thursday. ValuEngine raised shares of Patrick Industries from a “strong sell” rating to a “sell” rating in a report on Tuesday, February 4th. Finally, TheStreet raised shares of Patrick Industries from a “c+” rating to a “b-” rating in a report on Monday, February 10th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $55.00.

Shares of PATK traded up $3.00 during midday trading on Thursday, hitting $30.80. 282,226 shares of the company traded hands, compared to its average volume of 352,028. The firm has a 50 day moving average of $46.79 and a 200-day moving average of $48.05. Patrick Industries has a 52 week low of $16.70 and a 52 week high of $64.38. The stock has a market cap of $578.39 million, a price-to-earnings ratio of 7.98, a PEG ratio of 3.53 and a beta of 1.82. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.41 and a current ratio of 2.76.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 13th. The construction company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.74 by $0.12. Patrick Industries had a net margin of 3.83% and a return on equity of 19.21%. The business had revenue of $549.50 million during the quarter, compared to the consensus estimate of $535.56 million. During the same quarter in the prior year, the firm earned $0.96 EPS. The business’s revenue was up 3.4% on a year-over-year basis. Sell-side analysts predict that Patrick Industries will post 4.03 earnings per share for the current fiscal year.

In other Patrick Industries news, COO Kip B. Ellis purchased 3,000 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was purchased at an average price of $32.34 per share, with a total value of $97,020.00. Following the acquisition, the chief operating officer now owns 84,646 shares in the company, valued at $2,737,451.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $55.54, for a total transaction of $555,400.00. Following the completion of the sale, the chairman now directly owns 599,053 shares of the company’s stock, valued at approximately $33,271,403.62. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 13,614 shares of company stock valued at $654,689 and sold 87,401 shares valued at $4,839,209. 7.60% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its position in shares of Patrick Industries by 554.3% during the third quarter. Tower Research Capital LLC TRC now owns 916 shares of the construction company’s stock worth $39,000 after acquiring an additional 776 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Patrick Industries during the third quarter worth approximately $110,000. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Patrick Industries by 6.6% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,828 shares of the construction company’s stock worth $149,000 after acquiring an additional 174 shares during the period. LS Investment Advisors LLC increased its position in shares of Patrick Industries by 458.9% during the fourth quarter. LS Investment Advisors LLC now owns 3,711 shares of the construction company’s stock worth $195,000 after acquiring an additional 3,047 shares during the period. Finally, Magnus Financial Group LLC purchased a new position in shares of Patrick Industries during the fourth quarter worth approximately $201,000. 91.87% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Company Profile

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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