On Jan. 06, Cleveland Todd M divested U.S. $1,577,280 in shares of Patrick Industries Inc.. The Exec Board COB sold 21,339 shares at a price per share of $73.92. The transaction decreased this specific insider’s holdings to 557,329 shares worth around $38.61 million at present.
BofA Securities took its Patrick Industries Inc. [PATK] rating to the equivalent of a Buy from a Neutral, and the price target to $88 from $74, in a research note dated July 31, 2020. That figure represents around a 21.28% premium from where the company’s shares closed on Friday. Other analysts also revised their coverage, with BofA Securities’s analysts upgrading the shares from “a Neutral” rating to “a Buy” rating in a research note to investors issued in late July. Meanwhile, BofA Securities had raised its rating on PATK to “Neutral” from the earlier “an Underperform”, in a research note produced for clients July 16, 2020. In addition, there was no change from BofA/Merrill on September 04, 2019. The rater maintained PATK to “an Underperform” but assigned new target price of $36.
Is Patrick Industries Inc. [NASDAQ:PATK] a Good Buy Right Now?
It should be noted that PATK technical indicators for short, intermediate as well as long term progress have placed an overall average of 88% as Buy. The average signal changed from 88% Buy in the last week and compares with 100% Buy in the past month. Data from Patrick Industries Inc.’s Trend Spotter indicated that the signals were Weakest. The stock current average is 0.15 million shares in the past 20 days and the short term average signal indicates a 50% Buy. In the last 50 days, the average trading volume was 0.2 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 0.18 million shares.
PATK Price Performance
On Wall Street, Patrick Industries Inc. [NASDAQ:PATK] finished Friday’s session down -5.50% at $69.27. The stock went up to $73.79 at the same session while its lowest single day price was $68.76. In the last five days, it saw a rise of about 1.35%, Patrick Industries Inc. shares gained by almost 1.35% since the beginning of the year. However, the share price has dropped to as low as -7.54% below its one year high. On 01/06/21, the company shares recorded $74.92, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/08/21, the same year at $68.76. The company’s shares have inclined by 32.27% in the past year. The 50-day SMA achieved is $64.88 while the 200-day SMA is $56.25. Volume gained to 0.15 million from 96800.0 in the previous session.
Patrick Industries Inc. [PATK] Valuation Measures
Notably, Patrick Industries Inc. [PATK] stock can be classified as a good candidate in the listing of underestimated low-priced Building Products & Equipment companies to purchase soonest possible with the prevailing 12-month PE ratio of 20.27. The measure means the stock is exchanging at a discount as compared to the 24.75x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 0.76 PS value ratio is reported for the last one year of reported earnings. That is lower than the industry average of 0.78 which means PATK serve an attractive investment opportunity compared to its competitors.
PATK Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 67.42 level, and in case of violation of this particular level, it will cause more drop to 65.58 level. On the upper level, 75.64 is still the key resistance. The stock may increase to the subsequent resistance at 72.45. The Relative Strength Index (RSI) pinned on the 14-day chart is 51.94, implying a neutral technical stance while the MACD stands at 2.20, meaning price will increase in the next trading period. Percent R indicator moved to 75.13%, implying bearish price movement. Stochastic %K at 62.94% suggest holding the stock.
What is the short interest in Patrick Industries Inc.?
Short interest in the Patrick Industries Inc. stock has surged, increasing by 37260.0 shares to total 0.9 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 0.93 million, data from Yahoo Finance shows. The decrease of -4.15% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 4.82% of the overall float for the stock.
Patrick Industries Inc.’s Biggest Shareholders: Who Owns Patrick Industries Inc. [PATK]?
Filings by BlackRock Fund Advisors showed that the firm now holds a total of 2,931,564 shares or roughly 12.55% of the outstanding PATK shares. This means their shares have reduced by -121,464 from the 2,931,564 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, Wellington Management Co. LLP updated stake is worth $101,501,334. Details in the latest 13F filings reveal that The Vanguard Group, Inc. disposed off their -0.45% stake valued at $85,272,758 while Dimensional Fund Advisors LP cut theirs at $68,604,163. During the last quarter, The Vanguard Group, Inc. liquidated -6,117 of its shares in Patrick Industries Inc. while Dimensional Fund Advisors LP sold -74,252 shares. The T. Rowe Price Associates, Inc.’s holdings currently number 861,384 shares at $59668069.68. According to the firm’s last 13F report, SSgA Funds Management, Inc. shares in the company at filing stood at 688,227 shares, roughly $43,385,830.
PATK Earnings Forecast For The Current Quarter
Patrick Industries Inc. [PATK] is expected to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $699.42M and an earnings per share of $1.44 for Dec 2020. Looking further ahead, the company is expected to report revenue of $690.15M at an EPS of $1.29 for Mar 2021. The estimates represent upside of 15.90% and 37.06% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
PATK Earnings Estimates For The Current Year
For the financial year, Patrick Industries Inc. [NASDAQ:PATK] is expected to bring in revenue of $2.41B. The returns are nearly $70.0 million higher than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 4.05, higher than that of FY19 by $0.2. Estimates put this year’s earnings growth at 5.20%, 37.00% for the next, and at an annual 9.50% over the next 5-year period. As for sales, forecasts are for an increase of 3.30% in the current fiscal year and a further 15.90% over the following year.
What are analyst thoughts on Patrick Industries Inc.?
Looking forward to the Patrick Industries Inc. share price prediction, we can see that analysts, surveyed by FactSet, offer the mean price target for Patrick Industries Inc. stock at $80.00 within the next 12 months, which represents almost 13.41 per cent growth from its previous closing price of $69.27. The highest analysts’ target for Patrick Industries Inc. stock projections is $90.00 and the lowest one is $77.00. Still, 5 analysts sharing their consensus rating for PATK stock in 2021 agree that it is a Buy.