Wall Street analysts expect Patrick Industries, Inc. (NASDAQ:PATK) to announce earnings of $0.95 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Patrick Industries’ earnings, with the highest EPS estimate coming in at $0.99 and the lowest estimate coming in at $0.93. Patrick Industries reported earnings per share of $1.15 during the same quarter last year, which suggests a negative year over year growth rate of 17.4%. The company is scheduled to report its next earnings report on Thursday, October 24th.
On average, analysts expect that Patrick Industries will report full year earnings of $4.03 per share for the current financial year, with EPS estimates ranging from $4.00 to $4.05. For the next fiscal year, analysts anticipate that the firm will report earnings of $4.73 per share, with EPS estimates ranging from $4.30 to $5.10. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that follow Patrick Industries.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 25th. The construction company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.04. Patrick Industries had a return on equity of 23.07% and a net margin of 4.43%. The business had revenue of $613.20 million during the quarter, compared to the consensus estimate of $621.33 million. During the same quarter in the prior year, the company posted $1.42 earnings per share. The firm’s revenue was up 1.4% on a year-over-year basis.
A number of brokerages recently issued reports on PATK. TheStreet cut shares of Patrick Industries from a “b-” rating to a “c+” rating in a report on Friday, August 2nd. ValuEngine lowered shares of Patrick Industries from a “sell” rating to a “strong sell” rating in a report on Friday, August 23rd. Bank of America lowered their price objective on shares of Patrick Industries from $51.00 to $36.00 and set an “underperform” rating for the company in a research report on Wednesday, September 4th. BidaskClub lowered Patrick Industries from a “sell” rating to a “strong sell” rating in a report on Friday, August 16th. Finally, Zacks Investment Research raised Patrick Industries from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $55.20.
Shares of Patrick Industries stock traded up $2.87 during trading on Thursday, hitting $38.58. 173,023 shares of the company were exchanged, compared to its average volume of 229,583. The company has a debt-to-equity ratio of 1.37, a current ratio of 2.01 and a quick ratio of 0.78. The firm has a market capitalization of $825.86 million, a P/E ratio of 8.30, a price-to-earnings-growth ratio of 1.25 and a beta of 2.10. The firm’s fifty day moving average price is $39.74 and its 200 day moving average price is $44.76. Patrick Industries has a 1-year low of $27.32 and a 1-year high of $67.50.
In other Patrick Industries news, Director Jeffrey L. Et Al Gendell sold 45,254 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $46.45, for a total value of $2,102,048.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Scott Welch purchased 10,000 shares of the stock in a transaction on Wednesday, August 14th. The shares were bought at an average cost of $39.00 per share, for a total transaction of $390,000.00. The disclosure for this purchase can be found here. 7.60% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of PATK. TimesSquare Capital Management LLC acquired a new stake in Patrick Industries in the 2nd quarter valued at about $20,429,000. Waratah Capital Advisors Ltd. bought a new stake in Patrick Industries in the first quarter valued at approximately $12,598,000. RK Capital Management LLC bought a new stake in Patrick Industries in the first quarter valued at approximately $6,549,000. Nuveen Asset Management LLC lifted its position in shares of Patrick Industries by 746.4% in the second quarter. Nuveen Asset Management LLC now owns 101,814 shares of the construction company’s stock valued at $5,008,000 after buying an additional 89,785 shares during the last quarter. Finally, Morgan Stanley lifted its position in shares of Patrick Industries by 154.7% in the second quarter. Morgan Stanley now owns 131,644 shares of the construction company’s stock valued at $6,476,000 after buying an additional 79,960 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors.
Patrick Industries Company Profile
Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.
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