Sidoti & Co. Initiates Coverage on Patrick Industries to Buy

Sidoti & Co. Initiates Coverage on Patrick Industries(NASDAQ:PATK). The shares have been rated Buy. The rating by Sidoti & Co. was issued on Jun 16, 2016.

In a different note, On Mar 31, 2016, CL King said it Downgrades its rating on Patrick Industries. The shares have been rated ‘Neutral’ by the firm.

Patrick Industries (PATK) made into the market gainers list on Tuesdays trading session with the shares advancing 0.22% or 0.12 points. Due to strong positive momentum, the stock ended at $55.71, which is also near the day’s high of $56.34. The stock began the session at $55.88 and the volume stood at 1,12,942 shares. The 52-week high of the shares is $56.34 and the 52 week low is $29.28. The company has a current market capitalization of $851 M and it has 1,52,84,245 shares in outstanding.

Patrick Industries(PATK) last announced its earnings results on Apr 28, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $278.64M. Analysts had an estimated revenue of $270.20M. Earnings per share were $0.80. Analysts had estimated an EPS of $0.70.

Several Insider Transactions has been reported to the SEC. On Jun 9, 2016, Todd M Cleveland (CEO) sold 15,000 shares at $53.69 per share price.Also, On May 20, 2016, Andy L Nemeth (President) sold 10,118 shares at $49.19 per share price.On May 18, 2016, Courtney Blosser (VP Human Resources) sold 1,870 shares at $49.03 per share price, according to the Form-4 filing with the securities and exchange commission.

Patrick Industries Inc. is a manufacturer of component products and distributor of building products and materials for the recreational vehicle and manufactured housing industries. 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. The Company operates in two segments: Manufacturing and Distribution. The Company manufactures a variety of products including 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 exterior graphics and RV painting and slotwall panels and components among others.

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