I know I featured Patrick Industries (PATK) as the Chart of the Day last September but charts just don't get any better than this. I found the building products stock by using Barchart to sort today's All Time High list first for the most frequent new highs in the last month, then again for technical buy signals of 80% or better. I then used the Flipchart feature to review the charts.
Patrick Industries 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, counter tops, aluminum extrusions, drawer sides and wood adhesives.
The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
Barchart technical indicators:
- 96% technical buy signals
- Trend Spotter buy signal
- Above its 20, 50 and 100 day moving averages
- 17 new highs and up 27.71% in the last month
- Relative Strength Index 81.26%
- Technical support level at 63.05
- Recently traded at 65.90 with a 50 day moving average of 53.12
Fundamental factors:
- Market Cap $1.00 billion
- P/E 21.68
- Revenue expected to grow 20.30% this year and another 7.20% next year
- Earnings estimated to increase 24.60% this year, an additional 15.30% next year and continue to compound at an annual rate of 15.00% for the next 5 years
- Wall Street analysts issued 1 strong buy, 1 buy and 1 hold recommendation on the stock
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