Patrick Industries (PATK) to Release Quarterly Earnings on Thursday

Patrick Industries (NASDAQ:PATK) is set to issue its quarterly earnings data before the market opens on Thursday, May 2nd. Analysts expect the company to announce earnings of $1.32 per share for the quarter. Parties interested in participating in the company’s conference call can do so using this link.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.39 by $0.10. The firm had revenue of $781.20 million during the quarter, compared to analysts’ expectations of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. During the same period in the previous year, the company earned $1.82 EPS. Patrick Industries’s revenue for the quarter was down 17.9% on a year-over-year basis. On average, analysts expect Patrick Industries to post $8 EPS for the current fiscal year and $10 EPS for the next fiscal year.

Patrick Industries Trading Down 2.5 %

Shares of Patrick Industries stock opened at $104.49 on Wednesday. Patrick Industries has a fifty-two week low of $63.57 and a fifty-two week high of $123.58. The business’s fifty day moving average is $112.60 and its two-hundred day moving average is $98.59. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97. The firm has a market cap of $2.34 billion, a PE ratio of 16.05, a P/E/G ratio of 0.67 and a beta of 1.72.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were paid a $0.55 dividend. The ex-dividend date was Friday, February 16th. This represents a $2.20 annualized dividend and a yield of 2.11%. Patrick Industries’s payout ratio is currently 33.79%.

Insider Buying and Selling

In related news, insider Kip B. Ellis sold 7,462 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares of the company’s stock, valued at approximately $12,359,538.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Kip B. Ellis sold 7,462 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares of the company’s stock, valued at approximately $12,359,538.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Andy L. Nemeth sold 5,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $118.00, for a total transaction of $590,000.00. Following the sale, the chief executive officer now directly owns 279,619 shares of the company’s stock, valued at approximately $32,995,042. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,873 shares of company stock valued at $5,681,957. 4.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on PATK shares. Roth Mkm lifted their price target on Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Truist Financial reiterated a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a report on Friday, April 12th. Finally, KeyCorp increased their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and an average target price of $103.00.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.