Patrick Industries (NASDAQ:PATK) Coverage Initiated by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo initiated coverage of Patrick Industries with an “overweight” rating and a $95 price target, implying 20.57% upside from the stock’s current price.
• Analyst sentiment is broadly positive: eight analysts rate PATK a Buy and two a Hold, producing a “Moderate Buy” consensus and an average price target of $102.11.
• Patrick Industries reported quarterly EPS of $1.03, beating the $0.97 consensus, while revenue of $975.28 million also exceeded expectations of $938.49 million.

Research analysts at Wells Fargo & Company assumed coverage on shares of Patrick Industries (NASDAQ:PATK - Get Free Report) in a research note issued on Monday, Briefing.com reports. The brokerage set an "overweight" rating and a $95.00 price target on the construction company's stock. Wells Fargo & Company's price target would suggest a potential upside of 20.57% from the stock's current price.

PATK has been the topic of a number of other reports. Weiss Ratings downgraded Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, September 29th. Roth Capital reissued a "buy" rating and issued a $96.00 target price on shares of Patrick Industries in a research report on Tuesday, October 27th. KeyCorp lowered their target price on shares of Patrick Industries from $115.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, October 8th. Zacks Research upgraded shares of Patrick Industries from a "strong sell" rating to a "hold" rating in a research note on Tuesday, November 3rd. Finally, Northcoast Research set a $121.00 price target on shares of Patrick Industries and gave the company a "buy" rating in a report on Tuesday, September 1st. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Patrick Industries presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.11.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $78.79 on Monday. The firm has a market cap of $2.53 billion, a P/E ratio of 20.46, a PEG ratio of 2.04 and a beta of 1.21. Patrick Industries has a twelve month low of $63.00 and a twelve month high of $148.50. The company has a quick ratio of 0.86, a current ratio of 2.51 and a debt-to-equity ratio of 1.20. The company has a 50 day moving average of $72.13 and a 200 day moving average of $94.87.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, October 29th. The construction company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.97 by $0.06. Patrick Industries had a return on equity of 12.61% and a net margin of 3.38%. The business had revenue of $975.28 million for the quarter, compared to the consensus estimate of $938.49 million. During the same period last year, the business posted $1.01 EPS. The company's revenue was up .0% compared to the same quarter last year. As a group, research analysts expect that Patrick Industries will post 4.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new position in Patrick Industries in the 2nd quarter worth $65,138,000. Copeland Capital Management LLC increased its stake in Patrick Industries by 17.6% in the 1st quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company's stock worth $62,589,000 after buying an additional 84,508 shares in the last quarter. Bank of America Corp DE purchased a new stake in Patrick Industries in the 2nd quarter worth $30,646,000. The Manufacturers Life Insurance Company bought a new stake in Patrick Industries during the second quarter valued at about $27,166,000. Finally, Lodge Hill Capital LLC raised its holdings in Patrick Industries by 13.9% during the first quarter. Lodge Hill Capital LLC now owns 205,000 shares of the construction company's stock valued at $22,769,000 after acquiring an additional 25,000 shares during the period. Institutional investors own 93.29% of the company's stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials for recreational vehicles, marine products, manufactured housing, and other markets. Founded in 1959 and headquartered in Elkhart, Indiana, the company supplies products used in the construction and furnishing of vehicles, homes, and industrial applications.

Its offerings include cabinetry, countertops, flooring, insulation, furniture, fabricated metal products, laminates, and other interior and structural components.

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