Patrick Industries (NASDAQ:PATK) Issues Quarterly Earnings Results

Patrick Industries (NASDAQ:PATK) announced its quarterly earnings data on Thursday. The construction company reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.12, Fidelity Earnings reports. The business had revenue of $549.50 million during the quarter, compared to the consensus estimate of $535.56 million. Patrick Industries had a net margin of 4.16% and a return on equity of 20.73%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.96 earnings per share.

Shares of Patrick Industries stock traded down $1.60 on Friday, hitting $61.41. 270,307 shares of the company traded hands, compared to its average volume of 161,842. The stock’s 50 day moving average price is $53.69 and its 200-day moving average price is $47.04. 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 52 week low of $32.98 and a 52 week high of $64.38. The company has a market cap of $1.46 billion, a PE ratio of 14.80, a PEG ratio of 2.11 and a beta of 2.16.

In other news, CEO Todd M. Cleveland sold 3,222 shares of Patrick Industries stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $52.75, for a total transaction of $169,960.50. Following the completion of the sale, the chief executive officer now owns 631,951 shares of the company’s stock, valued at $33,335,415.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Todd M. Cleveland sold 800 shares of Patrick Industries stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $56.15, for a total transaction of $44,920.00. Following the sale, the chairman now directly owns 619,808 shares of the company’s stock, valued at approximately $34,802,219.20. The disclosure for this sale can be found here. Insiders have sold 98,087 shares of company stock valued at $5,327,618 in the last ninety days. Insiders own 7.60% of the company’s stock.

Several analysts have issued reports on the stock. BidaskClub downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Robert W. Baird lifted their price target on shares of Patrick Industries from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. They noted that the move was a valuation call. ValuEngine raised shares of Patrick Industries from a “strong sell” rating to a “sell” rating in a research note on Tuesday, February 4th. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Thursday, January 9th. Finally, TheStreet raised shares of Patrick Industries from a “c+” rating to a “b-” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Patrick Industries presently has a consensus rating of “Hold” and an average price target of $54.20.

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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Earnings History for Patrick Industries (NASDAQ:PATK)

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