BidaskClub upgraded shares of Patrick Industries (NASDAQ:PATK) from a strong sell rating to a sell rating in a research note released on Thursday, BidAskClub reports.

A number of other equities analysts also recently weighed in on PATK. Zacks Investment Research raised shares of Patrick Industries from a sell rating to a hold rating in a research note on Thursday, August 8th. ValuEngine downgraded shares of Patrick Industries from a sell rating to a strong sell rating in a research note on Friday, August 23rd. TheStreet downgraded shares of Patrick Industries from a b- rating to a c+ rating in a research note on Friday, August 2nd. Finally, Bank of America dropped their target price on shares of Patrick Industries from $51.00 to $36.00 and set an underperform rating for the company in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $55.20.

Shares of PATK stock opened at $42.10 on Thursday. Patrick Industries has a 12-month low of $27.32 and a 12-month high of $67.50. The company has a market capitalization of $975.04 million, a P/E ratio of 9.05, a P/E/G ratio of 1.48 and a beta of 2.10. The firm has a 50-day moving average price of $39.62 and a 200 day moving average price of $44.70. The company has a quick ratio of 0.78, a current ratio of 2.01 and a debt-to-equity ratio of 1.37.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, July 25th. The construction company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.04. Patrick Industries had a net margin of 4.43% and a return on equity of 23.07%. The firm had revenue of $613.20 million during the quarter, compared to the consensus estimate of $621.33 million. During the same period last year, the firm posted $1.42 EPS. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. As a group, research analysts expect that Patrick Industries will post 4.03 earnings per share for the current year.

In related news, Director M Scott Welch bought 10,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average cost of $39.00 per share, with a total value of $390,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 7.60% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC raised its stake in shares of Patrick Industries by 2.3% in the first quarter. Janney Montgomery Scott LLC now owns 12,613 shares of the construction company’s stock worth $572,000 after acquiring an additional 287 shares during the last quarter. Tyers Asset Management LLC grew its position in shares of Patrick Industries by 20.4% during the 2nd quarter. Tyers Asset Management LLC now owns 2,736 shares of the construction company’s stock worth $135,000 after buying an additional 464 shares during the period. Comerica Bank grew its position in shares of Patrick Industries by 2.1% during the 1st quarter. Comerica Bank now owns 22,799 shares of the construction company’s stock worth $1,099,000 after buying an additional 467 shares during the period. Texas Permanent School Fund grew its position in shares of Patrick Industries by 3.2% during the 1st quarter. Texas Permanent School Fund now owns 15,398 shares of the construction company’s stock worth $698,000 after buying an additional 474 shares during the period. Finally, Riverhead Capital Management LLC grew its position in shares of Patrick Industries by 20.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,000 shares of the construction company’s stock worth $148,000 after buying an additional 500 shares during the period. 90.77% of the stock is owned by institutional investors.

About Patrick Industries

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.

Featured Article: What are no-load funds?

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.