Patrick Industries (NASDAQ:PATK) Earns "Buy (B-)" Rating from Weiss Ratings

Key Points

• Patrick Industries received a "buy (B-)" rating from Weiss Ratings, with seven analysts giving it a buy rating and two a hold rating.
• Several analysts, including BMO Capital Markets and Raymond James, raised their price targets for Patrick Industries up to $110.00.
• The company's stock has experienced a 1.3% decline recently, and it currently has a market cap of $3.28 billion with a PE ratio of 26.68.

Patrick Industries (NASDAQ:PATK - Get Free Report)'s stock had its "buy (b-)" rating restated by Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

A number of other research analysts also recently weighed in on the company. BMO Capital Markets lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Benchmark lifted their price objective on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Robert W. Baird lifted their price objective on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. Raymond James Financial lifted their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, KeyCorp boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and an average target price of $104.86.

Patrick Industries Stock Down 1.3%

Shares of PATK stock opened at $98.44 on Wednesday. Patrick Industries has a 1 year low of $72.99 and a 1 year high of $116.78. The stock has a market cap of $3.28 billion, a PE ratio of 26.68, a price-to-earnings-growth ratio of 1.41 and a beta of 1.34. The business's fifty day moving average is $107.56 and its 200-day moving average is $94.80. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company's quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.16 EPS. Equities analysts expect that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Insider Transactions at Patrick Industries

In other Patrick Industries news, insider Kip B. Ellis sold 21,452 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total transaction of $2,359,934.52. Following the transaction, the insider owned 125,379 shares of the company's stock, valued at approximately $13,792,943.79. This represents a 14.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael A. Kitson sold 4,572 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total value of $515,127.24. Following the transaction, the director directly owned 11,850 shares in the company, valued at approximately $1,335,139.50. This represents a 27.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 73,413 shares of company stock worth $8,112,016 in the last quarter. 4.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Strs Ohio acquired a new stake in Patrick Industries during the 1st quarter worth $42,000. Private Trust Co. NA increased its holdings in Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after purchasing an additional 480 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock worth $63,000 after purchasing an additional 160 shares in the last quarter. Covestor Ltd increased its holdings in Patrick Industries by 205.1% during the 1st quarter. Covestor Ltd now owns 961 shares of the construction company's stock worth $81,000 after purchasing an additional 646 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in shares of Patrick Industries in the 1st quarter valued at about $87,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Company Profile

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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