Patrick Industries (NASDAQ:PATK – Get Free Report) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
Other analysts have also issued research reports about the stock. Bank of America increased their price objective on shares of Patrick Industries from $63.00 to $75.00 and gave the stock an “underperform” rating in a research note on Monday, August 7th. Robert W. Baird raised their price target on shares of Patrick Industries from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. KeyCorp raised their price target on shares of Patrick Industries from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, July 31st. Truist Financial raised their price target on shares of Patrick Industries from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, July 14th. Finally, DA Davidson raised their price target on shares of Patrick Industries from $75.00 to $81.00 and gave the company a “neutral” rating in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and a consensus price target of $85.33.
Get Our Latest Stock Report on PATK
Patrick Industries Trading Up 0.8 %
Patrick Industries (NASDAQ:PATK – Get Free Report) last issued its quarterly earnings results on Thursday, July 27th. The construction company reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.05. Patrick Industries had a net margin of 4.42% and a return on equity of 18.08%. The business had revenue of $920.69 million for the quarter, compared to analyst estimates of $979.40 million. Analysts predict that Patrick Industries will post 6.79 EPS for the current year.
Insider Buying and Selling
In related news, Director Todd M. Cleveland sold 2,500 shares of Patrick Industries stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $69.09, for a total value of $172,725.00. Following the completion of the transaction, the director now owns 125,416 shares in the company, valued at $8,664,991.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Todd M. Cleveland sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $69.09, for a total transaction of $172,725.00. Following the completion of the sale, the director now owns 125,416 shares in the company, valued at approximately $8,664,991.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Jeff Rodino sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $85.00, for a total transaction of $425,000.00. Following the completion of the sale, the president now owns 151,933 shares of the company’s stock, valued at approximately $12,914,305. The disclosure for this sale can be found here. Insiders sold 78,600 shares of company stock worth $5,908,859 over the last 90 days. 6.80% of the stock is owned by insiders.
Hedge Funds Weigh In On Patrick Industries
Several institutional investors have recently bought and sold shares of PATK. Tower Research Capital LLC TRC increased its stake in Patrick Industries by 129.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock valued at $34,000 after buying an additional 276 shares during the period. Gyon Technologies Capital Management LP acquired a new position in shares of Patrick Industries during the 4th quarter worth $48,000. Federated Hermes Inc. grew its stake in shares of Patrick Industries by 37.3% during the 1st quarter. Federated Hermes Inc. now owns 751 shares of the construction company’s stock worth $52,000 after purchasing an additional 204 shares during the period. Dark Forest Capital Management LP acquired a new position in shares of Patrick Industries during the 4th quarter worth $62,000. Finally, Quantbot Technologies LP acquired a new position in shares of Patrick Industries during the 2nd quarter worth $71,000. 91.94% of the stock is owned by institutional investors and hedge funds.
About Patrick Industries
Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.
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