Patrick Industries, Inc. (NASDAQ:PATK) has earned an average rating of “Hold” from the eight analysts that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $67.50.

Several research analysts recently issued reports on the stock. ValuEngine raised shares of Patrick Industries from a “strong sell” rating to a “sell” rating in a report on Friday, March 1st. BidaskClub raised shares of Patrick Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 23rd. KeyCorp raised their target price on shares of Patrick Industries from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, February 19th. Wells Fargo & Co raised their target price on shares of Patrick Industries from $30.00 to $49.00 and gave the stock a “market perform” rating in a report on Wednesday, February 27th. Finally, Zacks Investment Research raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday.

In related news, Director Jeffrey L. Et Al Gendell sold 222,347 shares of the firm’s stock in a transaction on Monday, December 17th. The shares were sold at an average price of $30.34, for a total transaction of $6,746,007.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd M. Cleveland bought 10,000 shares of Patrick Industries stock in a transaction that occurred on Monday, December 17th. The shares were acquired at an average cost of $29.59 per share, with a total value of $295,900.00. Following the acquisition, the chief executive officer now owns 601,219 shares of the company’s stock, valued at $17,790,070.21. The disclosure for this purchase can be found here. Company insiders own 5.60% of the company’s stock.

Several institutional investors have recently modified their holdings of PATK. Norges Bank purchased a new position in shares of Patrick Industries during the fourth quarter worth $7,140,000. Matarin Capital Management LLC purchased a new position in Patrick Industries in the third quarter valued at $13,851,000. LSV Asset Management purchased a new position in Patrick Industries in the fourth quarter valued at $3,543,000. QS Investors LLC increased its holdings in Patrick Industries by 171.5% in the fourth quarter. QS Investors LLC now owns 132,412 shares of the construction company’s stock valued at $3,921,000 after buying an additional 83,644 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in Patrick Industries by 2.5% in the third quarter. BlackRock Inc. now owns 3,350,263 shares of the construction company’s stock valued at $198,335,000 after buying an additional 82,322 shares in the last quarter. 87.72% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ PATK traded down $0.51 during midday trading on Thursday, reaching $44.80. The company had a trading volume of 153,700 shares, compared to its average volume of 294,200. The stock has a market cap of $1.08 billion, a P/E ratio of 9.63, a P/E/G ratio of 0.64 and a beta of 1.92. Patrick Industries has a 1 year low of $27.32 and a 1 year high of $67.50. The company has a current ratio of 2.44, a quick ratio of 0.71 and a debt-to-equity ratio of 1.52.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 14th. The construction company reported $0.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.21. The business had revenue of $531.00 million during the quarter, compared to analysts’ expectations of $519.00 million. Patrick Industries had a net margin of 5.30% and a return on equity of 28.26%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the company posted $0.87 earnings per share. As a group, sell-side analysts forecast that Patrick Industries will post 4.76 earnings per share for the current year.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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