BidaskClub Downgrades Patrick Industries (PATK) to Hold

Patrick Industries (NASDAQ:PATK) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

Several other brokerages have also recently issued reports on PATK. Zacks Investment Research cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Robert W. Baird restated a “buy” rating on shares of Patrick Industries in a report on Thursday, October 12th. Wells Fargo & Co restated a “market perform” rating and issued a $66.00 target price (down from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. ValuEngine upgraded Patrick Industries from a “hold” rating to a “buy” rating in a report on Monday, December 11th. Finally, KeyCorp began coverage on Patrick Industries in a report on Friday, December 15th. They issued an “overweight” rating and a $80.00 target price for the company. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $68.80.

Shares of Patrick Industries (PATK) traded up $1.60 during trading hours on Thursday, reaching $69.60. The company’s stock had a trading volume of 269,139 shares, compared to its average volume of 148,987. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.72. The stock has a market cap of $1,715.83, a PE ratio of 23.89, a P/E/G ratio of 1.64 and a beta of 0.98. Patrick Industries has a 12 month low of $40.07 and a 12 month high of $71.13.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 26th. The construction company reported $0.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.10. The company had revenue of $407.50 million during the quarter, compared to analysts’ expectations of $371.98 million. Patrick Industries had a return on equity of 24.60% and a net margin of 4.73%. The firm’s quarterly revenue was up 34.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.53 EPS. analysts predict that Patrick Industries will post 3.05 EPS for the current year.

In other news, Director Jeffrey L. Et Al Gendell sold 25,000 shares of the stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $89.55, for a total transaction of $2,238,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John A. Forbes sold 1,000 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $65.80, for a total value of $65,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,234 shares of company stock valued at $5,623,018. Company insiders own 5.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC grew its holdings in shares of 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 purchasing an additional 1,163 shares during the period. Legal & General Group Plc grew its holdings in shares of Patrick Industries by 9.7% during the 2nd quarter. Legal & General Group Plc now owns 28,863 shares of the construction company’s stock worth $2,105,000 after purchasing an additional 2,548 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Patrick Industries by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 675,042 shares of the construction company’s stock worth $56,771,000 after purchasing an additional 2,083 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Patrick Industries during the 2nd quarter worth $873,000. Finally, Piedmont Investment Advisors LLC purchased a new position in shares of Patrick Industries during the 2nd quarter worth $251,000. Institutional investors and hedge funds own 59.53% of the company’s stock.

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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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