Patrick Industries (NASDAQ:PATK) Stock Rating Upgraded by StockNews.com

Patrick Industries (NASDAQ:PATK - Get Free Report) was upgraded by investment analysts at StockNews.com from a "sell" rating to a "hold" rating in a report released on Monday.

A number of other equities research analysts also recently commented on the company. Truist Financial lifted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, September 20th. KeyCorp upped their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, October 23rd. Raymond James reduced their target price on shares of Patrick Industries from $106.67 to $90.67 and set an "outperform" rating for the company in a report on Friday, November 1st. Benchmark reaffirmed a "buy" rating and issued a $96.67 price target on shares of Patrick Industries in a report on Monday, November 4th. Finally, BMO Capital Markets lifted their price objective on Patrick Industries from $100.00 to $103.33 and gave the company an "outperform" rating in a research note on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus price target of $93.25.

Patrick Industries Stock Performance

NASDAQ:PATK traded down $1.48 during trading hours on Monday, hitting $88.25. 457,817 shares of the company were exchanged, compared to its average volume of 291,471. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. Patrick Industries has a 52-week low of $60.67 and a 52-week high of $98.90. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 1.69 and a beta of 2.24. The company's 50 day moving average price is $89.63 and its 200-day moving average price is $84.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing analysts' consensus estimates of $1.22 by ($0.02). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company had revenue of $919.44 million for the quarter, compared to analysts' expectations of $935.75 million. During the same period last year, the firm earned $1.21 earnings per share. Patrick Industries's quarterly revenue was up 6.2% compared to the same quarter last year. As a group, research analysts forecast that Patrick Industries will post 6.43 earnings per share for the current year.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 30,000 shares of the company's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the transaction, the chief executive officer now directly owns 379,678 shares in the company, valued at $34,171,020. This represents a 7.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.70% of the company's stock.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds have recently bought and sold shares of PATK. Northwestern Mutual Wealth Management Co. purchased a new stake in Patrick Industries during the second quarter worth about $41,000. Sound Income Strategies LLC acquired a new stake in Patrick Industries during the 3rd quarter worth approximately $46,000. GAMMA Investing LLC boosted its position in Patrick Industries by 76.2% in the 3rd 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 shares of Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock worth $81,000 after acquiring an additional 362 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its position in shares of 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 acquiring 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.

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