$603.25 Million in Sales Expected for Patrick Industries, Inc. (NASDAQ:PATK) This Quarter

Equities analysts expect that Patrick Industries, Inc. (NASDAQ:PATK) will report sales of $603.25 million for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Patrick Industries’ earnings. The lowest sales estimate is $570.60 million and the highest is $628.81 million. Patrick Industries posted sales of $575.14 million during the same quarter last year, which suggests a positive year over year growth rate of 4.9%. 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 sales of $2.40 billion for the current year, with estimates ranging from $2.35 billion to $2.43 billion. For the next year, analysts anticipate that the business will report sales of $2.50 billion, with estimates ranging from $2.49 billion to $2.51 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Patrick Industries.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 25th. The construction company reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.04. Patrick Industries had a net margin of 4.43% and a return on equity of 23.07%. The company had revenue of $613.20 million during the quarter, compared to the consensus estimate of $621.33 million. During the same quarter in the previous year, the firm earned $1.42 EPS. The company’s revenue was up 1.4% on a year-over-year basis.



PATK has been the subject of a number of recent research reports. ValuEngine downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Friday, April 26th. BidaskClub downgraded shares of Patrick Industries from a “sell” rating to a “strong sell” rating in a research report on Friday. Bank of America downgraded shares of Patrick Industries from a “buy” rating to an “underperform” rating and set a $52.00 price objective for the company. in a research report on Friday, April 26th. They noted that the move was a valuation call. TheStreet downgraded shares of Patrick Industries from a “b-” rating to a “c+” rating in a research report on Friday, August 2nd. Finally, Zacks Investment Research raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. Patrick Industries presently has an average rating of “Hold” and an average price target of $58.40.

Shares of NASDAQ:PATK traded up $1.47 during trading on Thursday, reaching $38.72. 231,100 shares of the company’s stock traded hands, compared to its average volume of 177,302. The company has a debt-to-equity ratio of 1.37, a current ratio of 2.01 and a quick ratio of 0.78. Patrick Industries has a 12 month low of $27.32 and a 12 month high of $67.50. The company has a 50 day moving average of $44.78 and a 200-day moving average of $45.59. The stock has a market capitalization of $889.12 million, a P/E ratio of 8.33, a price-to-earnings-growth ratio of 1.30 and a beta of 2.00.

In other Patrick Industries news, Director Jeffrey L. Et Al Gendell sold 45,254 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $46.45, for a total transaction of $2,102,048.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 7.60% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its holdings in Patrick Industries by 7.8% in the 4th quarter. Geode Capital Management LLC now owns 264,905 shares of the construction company’s stock worth $7,843,000 after buying an additional 19,111 shares in the last quarter. Two Sigma Advisers LP bought a new stake in shares of Patrick Industries in the 4th quarter worth about $320,000. Municipal Employees Retirement System of Michigan bought a new stake in shares of Patrick Industries in the 4th quarter worth about $198,000. Millennium Management LLC increased its position in shares of Patrick Industries by 59.9% in the 4th quarter. Millennium Management LLC now owns 26,013 shares of the construction company’s stock worth $770,000 after purchasing an additional 9,740 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Patrick Industries by 5.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,074,342 shares of the construction company’s stock worth $31,812,000 after purchasing an additional 51,096 shares during the last quarter. 92.09% of the stock is owned by hedge funds and other 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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