Patrick Industries (PATK) Upgraded at BidaskClub

BidaskClub upgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a buy rating in a report released on Thursday.

Other analysts also recently issued research reports about the stock. ValuEngine upgraded shares of Patrick Industries from a hold rating to a buy rating in a report on Monday, December 11th. Zacks Investment Research upgraded shares of Patrick Industries from a hold rating to a buy rating and set a $64.00 price objective for the company in a report on Thursday, October 26th. Bank of America increased their price objective on shares of Patrick Industries from $56.67 to $62.00 and gave the company a buy rating in a report on Tuesday, October 24th. Robert W. Baird reiterated a buy rating and issued a $72.00 price objective on shares of Patrick Industries in a report on Friday, December 22nd. Finally, Wells Fargo & Co reiterated a market perform rating and issued a $66.00 price objective (down previously from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $73.60.

Shares of Patrick Industries (NASDAQ:PATK) opened at $66.05 on Thursday. The company has a market cap of $1,666.64, a PE ratio of 18.98, a price-to-earnings-growth ratio of 1.38 and a beta of 0.84. The company has a quick ratio of 1.00, a current ratio of 2.01 and a debt-to-equity ratio of 0.91. Patrick Industries has a 1-year low of $40.07 and a 1-year high of $72.35.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 15th. The construction company reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.14. The company had revenue of $475.57 million during the quarter, compared to the consensus estimate of $415.87 million. Patrick Industries had a net margin of 5.24% and a return on equity of 23.60%. Patrick Industries’s quarterly revenue was up 46.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.59 EPS. equities research analysts expect that Patrick Industries will post 3.81 earnings per share for the current year.

Patrick Industries announced that its Board of Directors has initiated a share buyback program on Tuesday, January 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

In other news, Director Joseph M. Cerulli sold 3,223 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $97.64, for a total transaction of $314,693.72. Following the completion of the sale, the director now owns 25,237 shares in the company, valued at approximately $2,464,140.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Courtney Blosser sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $101.28, for a total transaction of $607,680.00. Following the sale, the insider now owns 28,214 shares of the company’s stock, valued at approximately $2,857,513.92. The disclosure for this sale can be found here. Insiders have sold a total of 25,234 shares of company stock valued at $2,485,568 in the last 90 days. Insiders own 5.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in PATK. BlackRock Inc. increased its holdings in shares of Patrick Industries by 53.7% during the 4th quarter. BlackRock Inc. now owns 2,975,758 shares of the construction company’s stock worth $206,667,000 after buying an additional 1,039,798 shares during the last quarter. Gendell Jeffrey L increased its holdings in shares of Patrick Industries by 41.2% during the 4th quarter. Gendell Jeffrey L now owns 1,232,158 shares of the construction company’s stock worth $85,573,000 after buying an additional 359,661 shares during the last quarter. Driehaus Capital Management LLC increased its holdings in shares of Patrick Industries by 178.4% during the 4th quarter. Driehaus Capital Management LLC now owns 244,859 shares of the construction company’s stock worth $17,005,000 after buying an additional 156,901 shares during the last quarter. Hood River Capital Management LLC increased its holdings in shares of Patrick Industries by 163.6% during the 4th quarter. Hood River Capital Management LLC now owns 240,213 shares of the construction company’s stock worth $16,683,000 after buying an additional 149,097 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Patrick Industries by 444.5% during the 4th quarter. Millennium Management LLC now owns 181,923 shares of the construction company’s stock worth $12,635,000 after buying an additional 148,512 shares during the last quarter. Institutional investors and hedge funds own 61.29% 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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