The stock of Patrick Industries, Inc. (NASDAQ:PATK) reached all time high today, Nov, 25 and still has $72.70 target or 4.00% above today’s $69.90 share price. This indicates more upside for the $1.08B company. This technical setup was reported by Barchart.com. If the $72.70 PT is reached, the company will be worth $43.20 million more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. The stock increased 0.87% or $0.6 during the last trading session, hitting $69.9. About 44,864 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. CL King upgraded the shares of PATK in a report on Wednesday, August 17 to “Buy” rating. The rating was initiated by Sidoti on Thursday, June 16 with “Buy”. The firm earned “Neutral” rating on Thursday, March 31 by CL King.
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 is negative, 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.
Essex Mgmt Co Ltd has 25,125 shares for 0.25% of their US portfolio. 1St Glob Inc last reported 0.06% of its portfolio in the stock. Boothbay Fund Mgmt Limited Com holds 0.4% of its portfolio in Patrick Industries, Inc. (NASDAQ:PATK) for 14,079 shares. Moreover, Wealthtrust Axiom Ltd Liability Co has 0.17% invested in Patrick Industries, Inc. (NASDAQ:PATK) for 7,500 shares. Wells Fargo Mn has invested 0% of its portfolio in Patrick Industries, Inc. (NASDAQ:PATK). Cubist Systematic Strategies Ltd Llc holds 0.02% or 4,563 shares in its portfolio. Blackrock Gru has 3,984 shares for 0% of their US portfolio. Cornerstone Capital Management Limited Liability, a New York-based fund reported 36,582 shares. First Mercantile Com holds 1,250 shares or 0.01% of its portfolio. Da Davidson Com has invested 0% of its portfolio in Patrick Industries, Inc. (NASDAQ:PATK). Menta Capital Limited Liability holds 0.12% of its portfolio in Patrick Industries, Inc. (NASDAQ:PATK) for 14,700 shares. Alps Advisors holds 0.01% of its portfolio in Patrick Industries, Inc. (NASDAQ:PATK) for 9,384 shares. Ubs Asset Management Americas holds 0% or 4,350 shares in its portfolio. Neuberger Berman Group Limited Liability last reported 31,246 shares in the company. Nationwide Fund Advsrs reported 9,534 shares or 0% of all its holdings.
Insider Transactions: Since May 27, 2016, the stock had 0 insider purchases, and 11 selling transactions for $17.85 million net activity. On Wednesday, August 3 WELLS WALTER E sold $125,670 worth of the stock or 2,000 shares. TONTINE CAPITAL PARTNERS L P sold $1.78 million worth of Patrick Industries, Inc. (NASDAQ:PATK) on Friday, August 12. On Thursday, August 18 NEMETH ANDY L sold $260,153 worth of the stock or 4,000 shares. Cleveland Todd M also sold $1.19M worth of Patrick Industries, Inc. (NASDAQ:PATK) on Wednesday, June 29. On Thursday, November 17 the insider Cerulli Joseph M sold $133,947. The insider GENDELL JEFFREY L ET AL sold 10,000 shares worth $536,836. Forbes John A sold 1,980 shares worth $128,315.
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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