Patrick Industries, Inc. (NASDAQ:PATK) Expected to Post Earnings of $1.14 Per Share

Analysts forecast that Patrick Industries, Inc. (NASDAQ:PATK) will report earnings of $1.14 per share for the current quarter, Zacks reports. Three analysts have made estimates for Patrick Industries’ earnings. The lowest EPS estimate is $1.04 and the highest is $1.29. Patrick Industries reported earnings per share of $1.42 in the same quarter last year, which indicates a negative year-over-year growth rate of 19.7%. The firm is scheduled to announce its next earnings report on Thursday, July 25th.

On average, analysts expect that Patrick Industries will report full-year earnings of $4.29 per share for the current fiscal year, with EPS estimates ranging from $4.25 to $4.35. For the next financial year, analysts forecast that the firm will post earnings of $4.99 per share, with EPS estimates ranging from $4.85 to $5.05. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Patrick Industries.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, April 25th. The construction company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.02. Patrick Industries had a return on equity of 25.64% and a net margin of 4.77%. The business had revenue of $608.20 million during the quarter, compared to analyst estimates of $595.67 million. During the same period in the previous year, the company posted $1.20 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year.

PATK has been the subject of a number of research analyst reports. ValuEngine raised Patrick Industries from a “strong sell” rating to a “sell” rating in a research report on Friday, March 1st. BidaskClub lowered Patrick Industries from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. Zacks Investment Research raised Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, March 13th. TheStreet raised Patrick Industries from a “c+” rating to a “b-” rating in a research report on Monday, March 18th. Finally, Bank of America initiated coverage on Patrick Industries in a research report on Tuesday, March 26th. They issued a “buy” rating and a $53.00 target price for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Patrick Industries presently has an average rating of “Hold” and a consensus target price of $58.40.

In other Patrick Industries news, Director Walter E. Wells sold 10,000 shares of Patrick Industries stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $50.60, for a total transaction of $506,000.00. Following the completion of the transaction, the director now owns 50,030 shares in the company, valued at approximately $2,531,518. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey L. Et Al Gendell sold 45,254 shares of Patrick Industries stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $46.45, for a total value of $2,102,048.30. The disclosure for this sale can be found here. 7.60% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc acquired a new position in Patrick Industries during the 1st quarter valued at about $32,000. PRW Wealth Management LLC purchased a new position in shares of Patrick Industries in the 4th quarter worth approximately $25,000. Cutler Group LP purchased a new position in shares of Patrick Industries in the 1st quarter worth approximately $53,000. Everence Capital Management Inc. purchased a new position in shares of Patrick Industries in the 1st quarter worth approximately $202,000. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of Patrick Industries by 53,288.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,805 shares of the construction company’s stock worth $218,000 after buying an additional 4,796 shares during the last quarter. Institutional investors and hedge funds own 91.52% of the company’s stock.

Shares of Patrick Industries stock opened at $49.19 on Friday. Patrick Industries has a one year low of $27.32 and a one year high of $67.50. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 1.54 and a beta of 2.01. The company has a 50-day moving average price of $44.75. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.97 and a quick ratio of 0.75.

About Patrick Industries

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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