Somewhat Critical Media Coverage Very Likely to Affect Patrick Industries (PATK) Stock Price
Media headlines about Patrick Industries (NASDAQ:PATK) have trended somewhat negative on Friday, Alpha One Sentiment reports. The research group, a unit of Accern, identifies negative and positive media coverage by analyzing more than twenty million news and blog sources in real time. Alpha One ranks coverage of companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Patrick Industries earned a coverage optimism score of -0.05 on Alpha One’s scale. Alpha One also assigned media stories about the construction company an impact score of 87 out of 100, indicating that recent media coverage is very likely to have an effect on the company’s share price in the next few days.
These are some of the media stories that may have effected Alpha One Sentiment Analysis’s scoring:
- Patrick Industries, Inc. (PATK) Coverage Initiated by Analysts at Robert W. Baird (americanbankingnews.com)
- Patrick Industries (PATK) Earning Somewhat Favorable News Coverage, Study Finds (americanbankingnews.com)
- Patrick Industries, Inc. (PATK) Coverage Initiated at Bank of America Corp (americanbankingnews.com)
- PATRICK INDUSTRIES, INC. (NASDAQ:PATK) Files An 8-K Regulation FD Disclosure (4-traders.com)
- Patrick Industries (PATK) Earning Somewhat Positive News Coverage, Study Shows (americanbankingnews.com)
A number of research analysts have recently issued reports on PATK shares. Bank of America Corp assumed coverage on shares of Patrick Industries in a research report on Monday. They issued a “buy” rating and a $80.00 price objective on the stock. Wells Fargo & Co assumed coverage on shares of Patrick Industries in a research note on Monday, March 20th. They issued a “market perform” rating for the company. Finally, Robert W. Baird assumed coverage on shares of Patrick Industries in a research note on Friday. They issued an “outperform” rating and a $74.00 target price for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Patrick Industries presently has a consensus rating of “Buy” and an average target price of $77.00.
Patrick Industries (NASDAQ:PATK) traded up 0.47% during mid-day trading on Friday, reaching $64.65. 101,798 shares of the company were exchanged. Patrick Industries has a 1-year low of $43.36 and a 1-year high of $86.10. The firm has a market capitalization of $994.25 million, a P/E ratio of 17.76 and a beta of 1.20. The stock has a 50-day moving average of $68.75 and a 200 day moving average of $71.21.
Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 16th. The construction company reported $0.89 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.89. Patrick Industries had a return on equity of 35.44% and a net margin of 4.60%. The firm earned $323.90 million during the quarter, compared to the consensus estimate of $302.05 million. During the same period last year, the company earned $0.78 earnings per share. The company’s revenue for the quarter was up 30.3% on a year-over-year basis. Equities research analysts forecast that Patrick Industries will post $3.90 earnings per share for the current year.
In related news, Director Jeffrey L. Et Al Gendell sold 400 shares of the stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $82.75, for a total transaction of $33,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeff Rodino sold 700 shares of the stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $80.01, for a total value of $56,007.00. Following the sale, the executive vice president now directly owns 82,648 shares of the company’s stock, valued at $6,612,666.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,465 shares of company stock valued at $2,771,993. Corporate insiders own 6.20% of the company’s stock.
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About Patrick Industries
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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