Patrick Industries (NASDAQ:PATK) Issues Quarterly Earnings Results

Patrick Industries (NASDAQ:PATK) issued its quarterly earnings data on Thursday. The construction company reported $1.79 EPS for the quarter, topping the consensus estimate of $1.32 by $0.47, Briefing.com reports. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The business had revenue of $933.50 million during the quarter, compared to analyst estimates of $829.22 million. During the same period in the prior year, the business earned $1.35 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis.

Patrick Industries Stock Up 0.7 %

NASDAQ PATK traded up $0.79 during mid-day trading on Friday, reaching $111.13. The stock had a trading volume of 230,452 shares, compared to its average volume of 170,227. Patrick Industries has a 1 year low of $63.57 and a 1 year high of $123.58. The stock has a market cap of $2.49 billion, a PE ratio of 17.07, a price-to-earnings-growth ratio of 0.64 and a beta of 1.73. The company has a fifty day moving average price of $112.23 and a 200 day moving average price of $98.94. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were issued a $0.55 dividend. The ex-dividend date was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a yield of 1.98%. Patrick Industries’s payout ratio is currently 33.79%.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $115.00, for a total value of $1,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 289,619 shares in the company, valued at approximately $33,306,185. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Patrick Industries news, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 289,619 shares in the company, valued at approximately $33,306,185. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kip B. Ellis sold 18,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the sale, the insider now owns 108,778 shares of the company’s stock, valued at $12,509,470. The disclosure for this sale can be found here. Insiders sold a total of 48,873 shares of company stock worth $5,681,957 in the last three months. Insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on PATK shares. Roth Mkm upped their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. KeyCorp upped their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. BMO Capital Markets upped their target price on shares of Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Truist Financial reaffirmed a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $105.86.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.