Patrick Industries, Inc. (NASDAQ:PATK) Expected to Post Earnings of $0.76 Per Share

Wall Street analysts expect Patrick Industries, Inc. (NASDAQ:PATK) to announce earnings per share (EPS) of $0.76 for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Patrick Industries’ earnings, with the lowest EPS estimate coming in at $0.70 and the highest estimate coming in at $0.86. Patrick Industries reported earnings per share of $0.96 during the same quarter last year, which suggests a negative year-over-year growth rate of 20.8%. The business is expected to issue its next quarterly earnings results on Thursday, February 13th.

According to Zacks, analysts expect that Patrick Industries will report full-year earnings of $3.75 per share for the current fiscal year, with EPS estimates ranging from $3.69 to $3.85. For the next fiscal year, analysts forecast that the firm will report earnings of $4.30 per share, with EPS estimates ranging from $4.05 to $4.45. Zacks Investment Research’s EPS calculations are an average based on a survey of analysts that follow Patrick Industries.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 24th. The construction company reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.04). Patrick Industries had a return on equity of 20.73% and a net margin of 4.16%. The firm had revenue of $566.19 million for the quarter, compared to analysts’ expectations of $576.97 million. During the same quarter last year, the firm posted $1.15 earnings per share. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year.

PATK has been the topic of several analyst reports. ValuEngine upgraded shares of Patrick Industries from a “strong sell” rating to a “sell” rating in a report on Thursday, October 31st. Robert W. Baird boosted their price target on shares of Patrick Industries from $46.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. They noted that the move was a valuation call. TheStreet cut shares of Patrick Industries from a “b-” rating to a “c+” rating in a report on Friday, August 2nd. Zacks Investment Research cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Saturday, October 5th. Finally, BidaskClub cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Friday. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $49.80.

Patrick Industries stock opened at $49.54 on Tuesday. Patrick Industries has a fifty-two week low of $27.32 and a fifty-two week high of $55.87. The stock has a market cap of $1.19 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 1.95 and a beta of 2.16. The firm’s 50-day simple moving average is $45.52 and its 200 day simple moving average is $43.98. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.31 and a current ratio of 2.61.

In other Patrick Industries news, CEO Todd M. Cleveland sold 3,880 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $52.82, for a total value of $204,941.60. Following the transaction, the chief executive officer now directly owns 635,173 shares in the company, valued at $33,549,837.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Andy L. Nemeth sold 15,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $45.00, for a total transaction of $675,000.00. Following the completion of the transaction, the president now owns 172,982 shares in the company, valued at $7,784,190. The disclosure for this sale can be found here. Over the last quarter, insiders sold 109,149 shares of company stock worth $5,461,683. Corporate insiders own 7.60% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tyers Asset Management LLC lifted its stake in shares of Patrick Industries by 20.4% during the 2nd quarter. Tyers Asset Management LLC now owns 2,736 shares of the construction company’s stock valued at $135,000 after buying an additional 464 shares in the last quarter. Riverhead Capital Management LLC lifted its stake in shares of Patrick Industries by 20.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,000 shares of the construction company’s stock valued at $148,000 after buying an additional 500 shares in the last quarter. Elkfork Partners LLC lifted its stake in shares of Patrick Industries by 20.4% during the 2nd quarter. Elkfork Partners LLC now owns 3,762 shares of the construction company’s stock valued at $185,000 after buying an additional 638 shares in the last quarter. D.B. Root & Company LLC lifted its stake in shares of Patrick Industries by 17.5% during the 3rd quarter. D.B. Root & Company LLC now owns 5,031 shares of the construction company’s stock valued at $215,000 after buying an additional 750 shares in the last quarter. Finally, Balyasny Asset Management LLC lifted its stake in shares of Patrick Industries by 14.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 5,907 shares of the construction company’s stock valued at $291,000 after buying an additional 763 shares in the last quarter. Hedge funds and other institutional investors own 88.45% of the company’s stock.

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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