Price Action to Note: What’s Patrick Industries, Inc. Upside After Achieving 52-Week High?

Price Action to Note: What's Patrick Industries, Inc. Upside After Achieving 52 Week High?

The stock of Patrick Industries, Inc. (NASDAQ:PATK) hit a new 52-week high and has $72.70 target or 4.00% above today’s $69.90 share price. The 5 months bullish chart indicates low risk for the $1.08 billion company. The 1-year high was reported on Nov, 25 by Barchart.com. If the $72.70 price target is reached, the company will be worth $43.20 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 0.87% or $0.6 during the last trading session, hitting $69.9. About 44,764 shares traded hands. Patrick Industries, Inc. (NASDAQ:PATK) has risen 39.97% since April 22, 2016 and is uptrending. It has outperformed by 34.56% the S&P500.

Analysts await Patrick Industries, Inc. (NASDAQ:PATK) to report earnings on February, 16.

Patrick Industries, Inc. (NASDAQ:PATK) Ratings Coverage

Out of 2 analysts covering Patrick Industries (NASDAQ:PATK), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Patrick Industries has been the topic of 3 analyst reports since March 31, 2016 according to StockzIntelligence Inc. The stock of Patrick Industries, Inc. (NASDAQ:PATK) earned “Neutral” rating by CL King on Thursday, March 31. The stock of Patrick Industries, Inc. (NASDAQ:PATK) has “Buy” rating given on Thursday, June 16 by Sidoti. The rating was upgraded by CL King on Wednesday, August 17 to “Buy”.

According to Zacks Investment Research, “PATRICK INDUSTRIES, INC. is a manufacturer and supplier of building products and materials to the manufactured housing and recreational vehicle industries. In addition, they are expanding as a supplier to certain other industrial markets, such as furniture manufacturing, marine and the automotive aftermarket. They manufacture decorative vinyl and paper panels, cabinet doors, countertops, aluminum extrusions, drawer sides and wood adhesives.”

Insitutional Activity: The institutional sentiment decreased to 1.35 in 2016 Q2. Its down 0.28, from 1.63 in 2016Q1. The ratio dropped, as 12 funds sold all Patrick Industries, Inc. shares owned while 42 reduced positions. 32 funds bought stakes while 56 increased positions. They now own 13.07 million shares or 3.13% more from 12.67 million shares in 2016Q1.
Bankshares Of Mellon accumulated 161,545 shares or 0% of the stock. Fifth Third Bancorporation has 0.01% invested in the company for 10,623 shares. Alliancebernstein L P last reported 0% of its portfolio in the stock. Cornerstone Capital Mngmt Limited Liability Co, a New York-based fund reported 36,582 shares. Legal And General Group Public Limited Company reported 1,846 shares or 0% of all its holdings. Loomis Sayles And Commerce L P accumulated 0.02% or 140,979 shares. Wells Fargo Co Mn accumulated 109,729 shares or 0% of the stock. Menta Capital Ltd Liability holds 0.12% of its portfolio in Patrick Industries, Inc. (NASDAQ:PATK) for 14,700 shares. Moreover, Wedge Cap Mgmt L L P Nc has 0.21% invested in Patrick Industries, Inc. (NASDAQ:PATK) for 184,643 shares. Products Prtn Ltd Com has 20,750 shares for 0.1% of their US portfolio. Franklin Res holds 0.01% or 183,070 shares in its portfolio. Venator Mngmt Ltd accumulated 4.64% or 91,302 shares. Moreover, Westwood Grp has 0.01% invested in Patrick Industries, Inc. (NASDAQ:PATK) for 10,962 shares. Cornercap Invest Counsel Inc accumulated 0.12% or 10,700 shares. Lord Abbett And Company Ltd holds 0.12% or 612,406 shares in its portfolio.

Insider Transactions: Since May 27, 2016, the stock had 0 buys, and 11 insider sales for $17.85 million net activity. Another trade for 14,498 shares valued at $773,613 was sold by GENDELL JEFFREY L ET AL. WELLS WALTER E sold $125,670 worth of Patrick Industries, Inc. (NASDAQ:PATK) on Wednesday, August 3. $1.19M worth of shares were sold by Cleveland Todd M on Wednesday, June 29. The insider Cerulli Joseph M sold 1,980 shares worth $133,947. Another trade for 29,000 shares valued at $1.78 million was sold by TONTINE CAPITAL PARTNERS L P. Another trade for 4,000 shares valued at $260,153 was sold by NEMETH ANDY L. Forbes John A sold $128,315 worth of stock.

More notable recent Patrick Industries, Inc. (NASDAQ:PATK) news were published by: Prnewswire.com which released: “Patrick Industries, Inc. Reports Second Quarter and Six Months 2016 Financial …” on July 28, 2016, also Prnewswire.com with their article: “Patrick Industries, Inc. Announces Officer Promotions” published on September 26, 2016, Prnewswire.com published: “Patrick Industries, Inc. Completes Acquisition of Parkland Plastics, Inc.” on February 29, 2016. More interesting news about Patrick Industries, Inc. (NASDAQ:PATK) were released by: Prnewswire.com and their article: “Patrick Industries, Inc. Completes Acquisition of Cana Holdings, Inc.” published on May 23, 2016 as well as Prnewswire.com‘s news article titled: “Patrick Industries, Inc. Completes Acquisition of The Progressive Group” with publication date: March 03, 2016.

PATK Company Profile

Patrick Industries, Inc. (Patrick), incorporated on January 3, 1961, is a maker of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industries. In addition, the Company 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. The Firm operates in two divisions: Manufacturing and Distribution. The Firm makes a range of products, which include decorative vinyl and paper laminated panels, fabricated aluminum products, wrapped vinyl, paper and hardwood profile moldings, solid surface, granite and quartz countertops, cabinet doors and components, hardwood furniture, fiberglass bath and shower fixtures, fiberglass and plastic component products, including front and rear caps and marine helms, slide-out trim and fascia, interior passage doors, RV painting, simulated wood and stone products, and slotwall panels and components, among others.

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