Patrick Industries (PATK) Scheduled to Post Quarterly Earnings on Wednesday

Patrick Industries (NASDAQ:PATK) is scheduled to issue its quarterly earnings data before the market opens on Wednesday, February 14th. Analysts expect the company to announce earnings of $1.07 per share for the quarter.

Patrick Industries (NASDAQ PATK) opened at $60.80 on Tuesday. Patrick Industries has a 1 year low of $40.07 and a 1 year high of $72.35. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.00 and a current ratio of 2.23. The company has a market cap of $1,530.00, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84.

Patrick Industries declared that its board has approved a stock buyback program on Tuesday, January 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the construction company to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

In other news, insider Courtney Blosser sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $101.28, for a total transaction of $607,680.00. Following the completion of the sale, the insider now owns 28,214 shares in the company, valued at approximately $2,857,513.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jeff Rodino sold 3,511 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $102.22, for a total transaction of $358,894.42. Following the sale, the executive vice president now owns 75,315 shares of the company’s stock, valued at approximately $7,698,699.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,234 shares of company stock valued at $2,485,568. 5.20% of the stock is currently owned by company insiders.

PATK has been the topic of several recent analyst reports. ValuEngine raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Thursday, October 26th. Bank of America lifted their target price on shares of Patrick Industries from $56.67 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Robert W. Baird reissued a “buy” rating and set a $72.00 target price on shares of Patrick Industries in a research report on Friday, December 22nd. Finally, BidaskClub raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $72.40.

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About Patrick Industries

Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.

Earnings History for Patrick Industries (NASDAQ:PATK)

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