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

Analysts expect Patrick Industries, Inc. (NASDAQ:PATK) to announce earnings per share (EPS) of $0.76 for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Patrick Industries’ earnings, with estimates ranging from $0.70 to $0.86. Patrick Industries posted earnings per share of $0.96 during the same quarter last year, which would indicate a negative year over year growth rate of 20.8%. The firm is expected to report its next quarterly earnings report on Thursday, February 13th.

On average, 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’ EPS averages are a mean average based on a survey of sell-side research firms that cover Patrick Industries.

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

Several brokerages have issued reports on PATK. BidaskClub downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Wednesday. Robert W. Baird increased their target price on shares of Patrick Industries from $46.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. They noted that the move was a valuation call. Zacks Investment Research lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Saturday, October 5th. Bank of America dropped their price target on Patrick Industries from $51.00 to $36.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. Finally, ValuEngine downgraded Patrick Industries from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $49.80.

PATK stock traded up $0.02 on Thursday, hitting $51.08. The company’s stock had a trading volume of 54,314 shares, compared to its average volume of 220,013. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 1.93 and a beta of 2.14. The firm has a 50 day moving average of $48.93 and a two-hundred day moving average of $44.21. The company has a current ratio of 2.61, a quick ratio of 1.31 and a debt-to-equity ratio of 1.51. Patrick Industries has a 1 year low of $27.32 and a 1 year high of $55.87.

The company also recently disclosed a — dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 16th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 13th.

In other Patrick Industries news, President Andy L. Nemeth sold 15,000 shares of Patrick Industries stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $45.00, for a total value of $675,000.00. Following the sale, the president now owns 172,982 shares of the company’s stock, valued at approximately $7,784,190. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd M. Cleveland sold 10,000 shares of Patrick Industries stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $48.09, for a total value of $480,900.00. Following the completion of the sale, the chief executive officer now directly owns 669,053 shares in the company, valued at approximately $32,174,758.77. The disclosure for this sale can be found here. Insiders sold a total of 112,371 shares of company stock worth $5,631,643 over the last three months. 7.60% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of PATK. Comerica Bank grew its position in Patrick Industries by 53.0% in the third quarter. Comerica Bank now owns 32,959 shares of the construction company’s stock worth $1,469,000 after acquiring an additional 11,414 shares in the last quarter. Elkfork Partners LLC boosted its holdings in Patrick Industries by 20.4% during the second quarter. Elkfork Partners LLC now owns 3,762 shares of the construction company’s stock valued at $185,000 after purchasing an additional 638 shares in the last quarter. BlackRock Inc. grew its stake in shares of Patrick Industries by 0.8% in the 2nd quarter. BlackRock Inc. now owns 3,334,069 shares of the construction company’s stock valued at $164,002,000 after purchasing an additional 26,617 shares during the period. Panagora Asset Management Inc. raised its holdings in shares of Patrick Industries by 334.5% in the 2nd quarter. Panagora Asset Management Inc. now owns 10,446 shares of the construction company’s stock worth $514,000 after buying an additional 8,042 shares in the last quarter. Finally, TimesSquare Capital Management LLC acquired a new position in shares of Patrick Industries in the 2nd quarter worth approximately $20,429,000. 89.25% of the stock is owned by institutional investors and hedge funds.

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.

See Also: How is the LIBOR rate calculated?

Get a free copy of the Zacks research report on Patrick Industries (PATK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.