Patrick Industries’ (NASDAQ:PATK) Buy Rating Reiterated at Robert W. Baird
Patrick Industries (NASDAQ:PATK)‘s stock had its “buy” rating reissued by stock analysts at Robert W. Baird in a report released on Friday, February 16th.
A number of other research analysts also recently weighed in on the company. KeyCorp initiated coverage on Patrick Industries in a report on Friday, December 15th. They set an “overweight” rating and a $80.00 target price on the stock. Bank of America upped their target price on Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. BidaskClub downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, January 18th. ValuEngine upgraded Patrick Industries from a “hold” rating to a “buy” rating in a report on Monday, December 11th. Finally, Wells Fargo & Co reiterated a “market perform” rating and set a $66.00 target price (down previously from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Patrick Industries presently has an average rating of “Buy” and a consensus price target of $73.60.
Shares of Patrick Industries (PATK) remained flat at $$66.80 during trading hours on Friday. 229,799 shares of the stock were exchanged, compared to its average volume of 267,112. Patrick Industries has a fifty-two week low of $40.07 and a fifty-two week high of $72.35. The company has a market cap of $1,661.99, a PE ratio of 19.20, a P/E/G ratio of 1.43 and a beta of 0.89. The company has a current ratio of 2.01, a quick ratio of 0.72 and a debt-to-equity ratio of 0.91.
Patrick Industries announced that its Board of Directors has approved a share repurchase program on Tuesday, January 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
In related news, Director M Scott Welch purchased 5,550 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were purchased at an average cost of $60.60 per share, with a total value of $336,330.00. Following the transaction, the director now directly owns 63,862 shares in the company, valued at approximately $3,870,037.20. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director John A. Forbes sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $65.80, for a total value of $65,800.00. The disclosure for this sale can be found here. Insiders own 5.20% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Wasatch Advisors Inc. boosted its position in shares of Patrick Industries by 61.5% in the 4th quarter. Wasatch Advisors Inc. now owns 66,270 shares of the construction company’s stock worth $4,602,000 after purchasing an additional 25,243 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Patrick Industries by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 675,042 shares of the construction company’s stock worth $56,771,000 after purchasing an additional 2,083 shares in the last quarter. Voya Investment Management LLC lifted its position in Patrick Industries by 19.4% in the 2nd quarter. Voya Investment Management LLC now owns 7,158 shares of the construction company’s stock valued at $521,000 after acquiring an additional 1,163 shares in the last quarter. New Amsterdam Partners LLC NY lifted its position in Patrick Industries by 50.0% in the 4th quarter. New Amsterdam Partners LLC NY now owns 142,289 shares of the construction company’s stock valued at $9,882,000 after acquiring an additional 47,413 shares in the last quarter. Finally, FDx Advisors Inc. lifted its position in Patrick Industries by 89.8% in the 4th quarter. FDx Advisors Inc. now owns 4,901 shares of the construction company’s stock valued at $340,000 after acquiring an additional 2,319 shares in the last quarter. 88.03% 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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