Patrick Industries (NASDAQ:PATK) Rating Increased to Strong-Buy at Northcoast Research

Patrick Industries (NASDAQ:PATK) was upgraded by analysts at Northcoast Research to a “strong-buy” rating in a note issued to investors on Tuesday, Zacks reports.

Several other research firms have also recently weighed in on PATK. Truist Financial set a $108.00 price target on shares of Patrick Industries and gave the stock a “buy” rating in a report on Monday, August 10th. Roth Capital set a $114.00 price objective on Patrick Industries in a research note on Friday, July 31st. KeyCorp reduced their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $94.00 price target on shares of Patrick Industries in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Patrick Industries has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Patrick Industries Stock Down 0.5%

PATK stock opened at $81.30 on Tuesday. The stock has a 50-day simple moving average of $85.94 and a two-hundred day simple moving average of $98.56. Patrick Industries has a twelve month low of $80.76 and a twelve month high of $148.50. The firm has a market capitalization of $2.61 billion, a PE ratio of 19.27 and a beta of 1.11. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. During the same period last year, the business earned $1.50 earnings per share. Patrick Industries’s revenue was down .6% compared to the same quarter last year. On average, equities analysts predict that Patrick Industries will post 4.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Patrick Industries

Institutional investors have recently modified their holdings of the company. Bessemer Group Inc. boosted its stake in Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock worth $16,255,000 after buying an additional 145,863 shares in the last quarter. Nicholas Investment Partners LP bought a new stake in shares of Patrick Industries in the 4th quarter worth approximately $5,201,000. Kennedy Capital Management LLC boosted its stake in shares of Patrick Industries by 14.2% in the 4th quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company’s stock valued at $25,913,000 after purchasing an additional 29,714 shares in the last quarter. WCG Wealth Advisors LLC purchased a new stake in shares of Patrick Industries in the 4th quarter valued at $1,641,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Patrick Industries during the 1st quarter valued at $5,220,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.