Patrick Industries, Inc. (NASDAQ:PATK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm presently has a $82.00 price target on the construction company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.29% from the company’s current price.

According to Zacks, “PATRICK INDUSTRIES, INC. is a manufacturer and supplier of building products and materials to the manufactured housing and recreational vehicle industries. In addition, they are expanding as a supplier to certain other industrial markets, such as furniture manufacturing, marine and the automotive aftermarket. They manufacture decorative vinyl and paper panels, cabinet doors, countertops, aluminum extrusions, drawer sides and wood adhesives. “

PATK has been the topic of several other research reports. BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a research report on Friday, June 9th. Wells Fargo & Co reissued a “market perform” rating and issued a $75.00 price objective (up previously from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Patrick Industries currently has an average rating of “Buy” and an average price target of $77.75.

Patrick Industries (NASDAQ PATK) opened at 74.35 on Thursday. Patrick Industries has a 12 month low of $50.80 and a 12 month high of $86.10. The company’s 50-day moving average is $72.79 and its 200-day moving average is $72.40. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 18.18 and a beta of 0.92.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 27th. The construction company reported $1.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.12. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The business had revenue of $407.20 million for the quarter, compared to analysts’ expectations of $384.54 million. During the same quarter in the previous year, the firm earned $1.10 earnings per share. The business’s revenue was up 29.2% on a year-over-year basis. On average, equities research analysts anticipate that Patrick Industries will post $4.34 earnings per share for the current year.

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In other news, Director Walter E. Wells sold 3,000 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $72.12, for a total transaction of $216,360.00. Following the transaction, the director now owns 44,240 shares of the company’s stock, valued at approximately $3,190,588.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.20% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Alps Advisors Inc. boosted its position in shares of Patrick Industries by 0.3% in the second quarter. Alps Advisors Inc. now owns 6,879 shares of the construction company’s stock worth $501,000 after buying an additional 18 shares in the last quarter. Texas Permanent School Fund boosted its position in shares of Patrick Industries by 0.6% in the second quarter. Texas Permanent School Fund now owns 11,624 shares of the construction company’s stock worth $847,000 after buying an additional 71 shares in the last quarter. Aperio Group LLC boosted its position in shares of Patrick Industries by 2.9% in the second quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock worth $223,000 after buying an additional 85 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of Patrick Industries by 0.3% in the second quarter. California Public Employees Retirement System now owns 33,000 shares of the construction company’s stock worth $2,404,000 after buying an additional 100 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its position in shares of Patrick Industries by 13.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after buying an additional 168 shares in the last quarter. 89.87% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

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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