Patrick Industries (NASDAQ:PATK) Stock Rating Lowered by BidaskClub
Several other research firms have also weighed in on PATK. TheStreet raised shares of Patrick Industries from a “c+” rating to a “b-” rating in a research note on Monday, March 18th. Bank of America set a $275.00 price objective on shares of SVB Financial Group and gave the stock a “buy” rating in a research note on Friday, April 26th. Zacks Investment Research lowered shares of Green Plains from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 27th. KeyCorp raised their target price on shares of Rapid7 from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, ValuEngine downgraded shares of W&T Offshore from a “hold” rating to a “sell” rating in a report on Friday, April 26th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $58.40.
Shares of NASDAQ:PATK opened at $44.58 on Tuesday. Patrick Industries has a 12 month low of $27.32 and a 12 month high of $67.50. The stock’s 50-day moving average is $45.78. The company has a current ratio of 1.97, a quick ratio of 0.75 and a debt-to-equity ratio of 1.56. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 9.59, a P/E/G ratio of 1.50 and a beta of 2.03.
In other news, Director Walter E. Wells sold 10,000 shares of Patrick Industries stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $50.60, for a total value of $506,000.00. Following the sale, the director now directly owns 50,030 shares in the company, valued at $2,531,518. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey L. Et Al Gendell sold 45,254 shares of Patrick Industries stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $46.45, for a total transaction of $2,102,048.30. The disclosure for this sale can be found here. 7.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of PATK. Waratah Capital Advisors Ltd. bought a new position in shares of Patrick Industries in the first quarter valued at $12,598,000. Norges Bank bought a new position in Patrick Industries during the fourth quarter worth $7,140,000. Deutsche Bank AG boosted its position in Patrick Industries by 112.7% during the fourth quarter. Deutsche Bank AG now owns 431,100 shares of the construction company’s stock worth $12,763,000 after purchasing an additional 228,424 shares during the period. RK Capital Management LLC bought a new position in Patrick Industries during the first quarter worth $6,549,000. Finally, Timucuan Asset Management Inc. FL boosted its position in Patrick Industries by 640.0% during the first quarter. Timucuan Asset Management Inc. FL now owns 74,000 shares of the construction company’s stock worth $3,354,000 after purchasing an additional 64,000 shares during the period. Institutional investors own 91.55% of the company’s stock.
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; decorative vinyl and paper laminated panels; 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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