Is Patrick Industries (PATK) Stock Outpacing Its Construction Peers This Year?
Investors focused on the Construction space have likely heard of Patrick Industries (PATK), but is the stock performing well in comparison to the rest of its sector peers? A quick glance at the company's year-to-date performance in comparison to the rest of the Construction sector should help us answer this question.
Patrick Industries is a member of our Construction group, which includes 104 different companies and currently sits at #1 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. PATK is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for PATK's full-year earnings has moved 52.50% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that PATK has returned about 18.46% since the start of the calendar year. At the same time, Construction stocks have gained an average of 12.67%. This means that Patrick Industries is outperforming the sector as a whole this year.
Looking more specifically, PATK belongs to the Building Products - Miscellaneous industry, which includes 27 individual stocks and currently sits at #24 in the Zacks Industry Rank. This group has gained an average of 16.77% so far this year, so PATK is performing better in this area.
Going forward, investors interested in Construction stocks should continue to pay close attention to PATK as it looks to continue its solid performance.
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