Patrick Industries (NASDAQ:PATK) Downgraded by StockNews.com to “Sell”

Patrick Industries (NASDAQ:PATK) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Thursday.

Other equities research analysts also recently issued research reports about the stock. Benchmark reiterated a “buy” rating and set a $96.67 target price on shares of Patrick Industries in a research note on Monday, November 4th. Raymond James lowered their target price on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Truist Financial cut their price target on Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. KeyCorp boosted their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, BMO Capital Markets raised their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.63.

Patrick Industries Stock Performance

PATK traded up $2.19 during trading on Thursday, hitting $92.21. 335,474 shares of the stock were exchanged, compared to its average volume of 310,737. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries has a 1-year low of $60.67 and a 1-year high of $98.90. The stock has a fifty day moving average price of $86.98 and a two-hundred day moving average price of $86.32. The firm has a market capitalization of $3.10 billion, a P/E ratio of 19.87, a PEG ratio of 1.25 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). The business had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.21 earnings per share. As a group, sell-side analysts predict that Patrick Industries will post 4.28 earnings per share for the current year.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC purchased a new position in shares of Patrick Industries in the 3rd quarter worth about $46,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Patrick Industries during the 2nd quarter worth approximately $41,000. GAMMA Investing LLC raised its holdings in Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after buying an additional 205 shares during the period. UMB Bank n.a. grew its stake in Patrick Industries by 176.6% during the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after buying an additional 362 shares during the period. Finally, First Horizon Advisors Inc. grew its stake in Patrick Industries by 21.4% during the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after buying an additional 139 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component 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.