Patrick Industries (NASDAQ:PATK – Get a rating) was downgraded by equity researchers at TheStreet from a “b-” to a “c+” rating in a report released Thursday, TheStreetRatingsTable reports.
Several other equity research analysts have also published reports on PATK. MKM Partners began covering shares of Patrick Industries in a report on Thursday, May 5. They issued a “buy” rating and a price target of $93.00 on the stock. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Tuesday, May 31. Bank of America began covering shares of Patrick Industries in a Monday, April 4, report. They issued an “underperforming” rating and a $60.00 price target on the stock. Finally, Truist Financial cut its price target on shares of Patrick Industries to $75.00 in a research note on Thursday, May 26. One research analyst rated the stock with a sell rating, one gave the stock a hold rating, and three gave the stock a buy rating. According to MarketBeat, Patrick Industries has an average rating of “Hold” and an average target price of $79.50.
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Shares of PATK opened at $53.58 on Thursday. Patrick Industries has a 1-year low of $49.79 and a 1-year high of $88.79. The company’s fifty-day simple moving average is $57.18 and its 200-day simple moving average is $63.81. The company has a market capitalization of $1.23 billion, a P/E ratio of 4.42, a price-to-earnings growth ratio of 0.66 and a beta of 1.94. The company has a current ratio of 2.37, a quick ratio of 0.96 and a debt ratio of 1.86.
Patrick Industries (NASDAQ:PATK – Get a rating) last announced its results on Thursday, April 28. The construction company reported earnings per share (EPS) of $4.54 for the quarter, beating analysts’ consensus estimate of $2.89 from $1.65. Patrick Industries achieved a net margin of 6.35% and a return on equity of 39.75%. The company posted revenue of $1.34 billion for the quarter, versus analyst estimates of $1.18 billion. During the same quarter of the previous year, the firm had posted earnings per share of $1.80. Patrick Industries’ turnover increased by 57.8% compared to the same quarter last year. As a group, sell-side analysts expect Patrick Industries to post EPS of 12.82 for the current year.
Insider activity
In related news, the President Todd M. Cleveland sold 10,000 shares of the company in a trade dated Wednesday, May 4. The shares were sold at an average price of $68.32, for a total transaction of $683,200.00. Following the transaction, the president now owns 220,517 shares of the company, valued at approximately $15,065,721.44. The sale was disclosed in a filing with the SEC, accessible via this link. Separately, Chairman Todd M. Cleveland sold 5,000 shares of the company in a transaction dated Friday, May 6. The shares were sold at an average price of $66.68, for a total transaction of $333,400.00. Following the transaction, the president now owns 215,517 shares of the company, valued at approximately $14,370,673.56. The sale was disclosed in a filing with the SEC, accessible via this link. Additionally, Chairman Todd M. Cleveland sold 10,000 shares of the company in a trade dated Wednesday, May 4. The stock was sold at an average price of $68.32, for a total transaction of $683,200.00. Following the transaction, the president now owns 220,517 shares of the company, valued at approximately $15,065,721.44. Disclosure of this sale can be found here. During the last quarter, insiders sold 23,103 shares of the company worth $1,556,669. Company insiders own 6.10% of the company’s shares.
Institutional entries and exits
Institutional investors and hedge funds have recently increased or reduced their stakes in the stock. UMB Bank NA MO acquired a new position in Patrick Industries during Q4 worth approximately $28,000. First Horizon Advisors Inc. increased its position in Patrick Industries by 462.3% during the 4th quarter. First Horizon Advisors Inc. now owns 731 shares of the construction company valued at $58,000 after purchasing an additional 601 shares during the period. Point72 Hong Kong Ltd acquired a new position in Patrick Industries during Q4 worth approximately $98,000. Byrne Asset Management LLC acquired a new position in Patrick Industries during Q4 valued at approximately $111,000. Finally, Captrust Financial Advisors increased its position in Patrick Industries by 80.2% in the 1st quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company valued at $100,000 after purchasing an additional 737 shares during the period. Institutional investors and hedge funds own 94.85% of the company’s shares.
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, China and Canada. Its Manufacturing segment manufactures and sells furniture, shelves, walls, counters and cabinets; cabinet door, fiberglass bath fixture and tiling system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars and subwoofers; manufacture of solid surface, granite and quartz countertops; aluminum product; fiberglass and plastic components; VR painting; vinyl and paper laminated decorative panels; softwood lumber; custom cabinet; polymer-based flooring product; dashboard panels; and other products.
Further reading
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