Patrick Industries is a Growth Option for Construction

Patrick IndustriesConstruction stocks are set to expand in the coming months, thanks to impressive growth in the homebuilding industry and an expected increase in infrastructure spending after the November election. Patrick Industries Inc. (NASDAQ: PATK) is a construction component manufacturer that could benefit along with the wider industry.

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Patrick Industries develops component products for construction. Its key areas of focus range from quartz and granite surfaces to vinyl printing and components for hardwood furniture, shelving, and cabinetry. The company has grown for five consecutive fiscal years. At the beginning of 2020, sales were up by 3.27% and gross income was up by 1.39%. Earnings are expected to grow by as much as 26% next year, and the company is currently trading at around 30% below its estimated market value.

There’s a short-term price target of $81.17 on this stock, suggesting that it will grow significantly in the coming months. Investors can effectively purchase this stock for a discount today. Considering the potential of this stock along with the wider potential of the construction and homebuilding industries, this is one of the best growth picks to consider in October.

Key Data:

  • 1 Year Price Growth: 72%
  • YTD Price Growth: 00%
  • 3 Month Price Growth: -9.55%

All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.

 

The reports, research and newsletter are based on current and historical market data, as well as publicly available financial data.They are intended to be a starting point for investors. They do not provide every material fact about a company or industry, nor are they recommendations to buy or sell. The writers and the company make no warranties or representations as to the accuracy of these reports.   You should NOT rely solely upon the information or opinions read in the content. Rather, you should use the content as a starting point for doing independent research on the independent analysis and trading methods in the content. The content is impersonal and does not provide individualized advice or recommendations for any specific reader or individual portfolio. By accessing this website you have agreed to our disclaimers and privacy policy.

 

 

The reports, research and newsletter are based on current and historical market data, as well as publicly available financial data.They are intended to be a starting point for investors. They do not provide every material fact about a company or industry, nor are they recommendations to buy or sell. The writers and the company make no warranties or representations as to the accuracy of these reports.   You should NOT rely solely upon the information or opinions read in the content. Rather, you should use the content as a starting point for doing independent research on the independent analysis and trading methods in the content. The content is impersonal and does not provide individualized advice or recommendations for any specific reader or individual portfolio. By accessing this website you have agreed to our disclaimers and privacy policy.

 

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