StockNews.com Downgrades Patrick Industries (NASDAQ:PATK) to Sell

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

Several other equities research analysts have also issued reports on PATK. KeyCorp lifted their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Benchmark reaffirmed a “buy” rating and issued a $145.00 price target on shares of Patrick Industries in a research note on Monday, November 4th. Robert W. Baird upped their price objective on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. DA Davidson upped their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, BMO Capital Markets upped their target price on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $139.88.

Patrick Industries Trading Down 1.0 %

Shares of PATK traded down $1.29 during midday trading on Thursday, hitting $131.16. The stock had a trading volume of 457,948 shares, compared to its average volume of 188,842. Patrick Industries has a fifty-two week low of $80.62 and a fifty-two week high of $148.35. The business has a 50-day simple moving average of $136.35 and a two-hundred day simple moving average of $123.08. The firm has a market cap of $2.94 billion, a P/E ratio of 18.84, a price-to-earnings-growth ratio of 1.37 and a beta of 1.62. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The business had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.81 earnings per share. As a group, equities analysts forecast that Patrick Industries will post 6.42 EPS for the current year.

Insiders Place Their Bets

In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The trade was a 8.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares in the company, valued at $18,274,749.33. This represents a 12.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock worth $3,858,915 over the last quarter. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Boston Partners acquired a new position in shares of Patrick Industries in the 1st quarter worth $1,645,000. Allspring Global Investments Holdings LLC grew its stake in shares of Patrick Industries by 35.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after acquiring an additional 25,556 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after purchasing an additional 26,389 shares during the period. Argent Capital Management LLC lifted its holdings in shares of Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after acquiring an additional 133,413 shares during the period. Finally, Public Sector Pension Investment Board increased its stake in shares of Patrick Industries by 8.7% in the second quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock valued at $5,032,000 after buying an additional 3,705 shares in the last quarter. 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.