Patrick Industries (NASDAQ:PATK) had its price target lifted by Bank of America from $82.00 to $85.00 in a report issued on Thursday. They currently have a buy rating on the construction company’s stock.
Several other analysts have also weighed in on PATK. ValuEngine upgraded Patrick Industries from a hold rating to a buy rating in a report on Monday, December 11th. Wells Fargo & Co restated a market perform rating and issued a $66.00 price objective (down previously from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. KeyCorp initiated coverage on Patrick Industries in a report on Friday, December 15th. They issued an overweight rating and a $80.00 price objective for the company. Robert W. Baird restated a buy rating and issued a $72.00 price objective on shares of Patrick Industries in a report on Friday, December 22nd. Finally, BidaskClub lowered Patrick Industries from a buy rating to a hold rating in a report on Thursday, January 18th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $74.60.
Shares of Patrick Industries (PATK) traded up $1.10 during mid-day trading on Thursday, reaching $67.00. The company’s stock had a trading volume of 74,400 shares, compared to its average volume of 261,191. The company has a quick ratio of 0.72, a current ratio of 2.01 and a debt-to-equity ratio of 0.91. Patrick Industries has a one year low of $40.07 and a one year high of $72.35. The firm has a market cap of $1,701.47, a price-to-earnings ratio of 20.94, a PEG ratio of 1.46 and a beta of 0.89.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 15th. The construction company reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.14. Patrick Industries had a return on equity of 23.60% and a net margin of 5.24%. The company had revenue of $475.57 million during the quarter, compared to analyst estimates of $415.87 million. During the same quarter in the previous year, the firm posted $0.59 EPS. The firm’s quarterly revenue was up 46.8% on a year-over-year basis. analysts predict that Patrick Industries will post 4.14 EPS for the current year.
Patrick Industries announced that its Board of Directors has initiated a share repurchase program on Tuesday, January 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In related news, Director M Scott Welch bought 1,272 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were bought at an average cost of $62.47 per share, with a total value of $79,461.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.20% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the company. Catalyst Capital Advisors LLC acquired a new stake in shares of Patrick Industries during the fourth quarter worth $160,000. 361 Capital LLC acquired a new stake in shares of Patrick Industries during the third quarter worth $206,000. Quadrature Capital Ltd acquired a new stake in shares of Patrick Industries during the fourth quarter worth $210,000. Xact Kapitalforvaltning AB acquired a new stake in shares of Patrick Industries during the fourth quarter worth $216,000. Finally, M&T Bank Corp acquired a new stake in shares of Patrick Industries during the fourth quarter worth $224,000. 88.03% of the stock is currently owned by institutional investors.
About Patrick Industries
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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