ValuEngine upgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a buy rating in a report published on Monday.

Other research analysts also recently issued reports about the company. Zacks Investment Research raised Patrick Industries from a hold rating to a buy rating and set a $51.33 price target on the stock in a research note on Tuesday, August 22nd. Bank of America upped their price target on Patrick Industries from $56.67 to $62.00 and gave the stock a buy rating in a research note on Tuesday, October 24th. Finally, Robert W. Baird reaffirmed a buy rating on shares of Patrick Industries in a research note on Thursday, October 12th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Buy and an average target price of $60.33.

Patrick Industries (PATK) traded up $1.15 during mid-day trading on Monday, reaching $65.75. The company had a trading volume of 140,000 shares, compared to its average volume of 176,943. Patrick Industries has a fifty-two week low of $40.07 and a fifty-two week high of $68.63. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.72. The firm has a market cap of $1,650.00, a P/E ratio of 22.17, a P/E/G ratio of 2.03 and a beta of 0.99.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 26th. The construction company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Patrick Industries had a return on equity of 24.60% and a net margin of 4.73%. The business had revenue of $407.50 million for the quarter, compared to the consensus estimate of $371.98 million. During the same period in the prior year, the business earned $0.53 EPS. The firm’s revenue for the quarter was up 34.0% on a year-over-year basis. equities analysts predict that Patrick Industries will post 3.02 EPS for the current year.

In other Patrick Industries news, EVP Jeff Rodino sold 3,511 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $102.22, for a total transaction of $358,894.42. Following the completion of the sale, the executive vice president now directly owns 75,315 shares of the company’s stock, valued at approximately $7,698,699.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Andy L. Nemeth sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $85.22, for a total value of $255,660.00. The disclosure for this sale can be found here. Insiders have sold a total of 241,660 shares of company stock valued at $20,688,438 over the last three months. Corporate insiders own 5.20% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Alps Advisors Inc. increased its holdings in Patrick Industries by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 6,879 shares of the construction company’s stock worth $501,000 after purchasing an additional 18 shares in the last quarter. Texas Permanent School Fund increased its holdings in Patrick Industries by 0.6% during the 2nd quarter. Texas Permanent School Fund now owns 11,624 shares of the construction company’s stock worth $847,000 after purchasing an additional 71 shares in the last quarter. Aperio Group LLC increased its holdings in Patrick Industries by 2.9% during the 2nd quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock worth $223,000 after purchasing an additional 85 shares in the last quarter. California Public Employees Retirement System increased its holdings in Patrick Industries by 0.3% during the 2nd quarter. California Public Employees Retirement System now owns 33,000 shares of the construction company’s stock worth $2,404,000 after purchasing an additional 100 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in Patrick Industries by 13.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after purchasing an additional 168 shares in the last quarter. 89.33% of the stock is owned by hedge funds and other institutional investors.

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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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