KeyCorp Brokers Lift Earnings Estimates for Patrick Industries, Inc. (PATK)

Patrick Industries, Inc. (NASDAQ:PATK) – Stock analysts at KeyCorp boosted their Q1 2018 earnings per share (EPS) estimates for Patrick Industries in a research report issued on Thursday. KeyCorp analyst B. Andress now anticipates that the construction company will post earnings per share of $0.91 for the quarter, up from their prior estimate of $0.86. KeyCorp has a “Overweight” rating and a $80.00 price objective on the stock.

PATK has been the subject of a number of other reports. Robert W. Baird reiterated a “buy” rating and issued a $72.00 price target on shares of Patrick Industries in a report on Friday, December 22nd. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, January 26th. Wells Fargo & Co restated a “market perform” rating and set a $66.00 price objective (down from $90.00) on shares of Patrick Industries in a research note on Thursday, December 14th. Bank of America upped their price objective on Patrick Industries from $56.67 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Finally, Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $73.60.

Shares of Patrick Industries (NASDAQ:PATK) opened at $66.05 on Monday. Patrick Industries has a twelve month low of $40.07 and a twelve month high of $72.35. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.01 and a quick ratio of 0.72. The firm has a market capitalization of $1,670.00, a P/E ratio of 19.03, a PEG ratio of 1.37 and a beta of 0.84.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 15th. The construction company reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.14. Patrick Industries had a return on equity of 23.60% and a net margin of 5.24%. The business had revenue of $475.57 million during the quarter, compared to the consensus estimate of $415.87 million. During the same period in the previous year, the business earned $0.59 EPS. The business’s quarterly revenue was up 46.8% on a year-over-year basis.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its position in Patrick Industries by 53.7% during the 4th quarter. BlackRock Inc. now owns 2,975,758 shares of the construction company’s stock worth $206,667,000 after acquiring an additional 1,039,798 shares during the period. Gendell Jeffrey L boosted its position in Patrick Industries by 41.2% during the 4th quarter. Gendell Jeffrey L now owns 1,232,158 shares of the construction company’s stock worth $85,573,000 after acquiring an additional 359,661 shares during the period. Vanguard Group Inc. boosted its position in Patrick Industries by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 812,130 shares of the construction company’s stock worth $59,164,000 after acquiring an additional 24,830 shares during the period. Dimensional Fund Advisors LP boosted its position in Patrick Industries by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 675,042 shares of the construction company’s stock worth $56,771,000 after acquiring an additional 2,083 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Patrick Industries by 10.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 504,262 shares of the construction company’s stock worth $35,021,000 after acquiring an additional 49,516 shares during the period. Institutional investors own 75.89% of the company’s stock.

In related news, Director Joseph M. Cerulli sold 3,223 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $97.64, for a total transaction of $314,693.72. Following the completion of the transaction, the director now directly owns 25,237 shares in the company, valued at approximately $2,464,140.68. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Jeff Rodino sold 3,511 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $102.22, for a total value of $358,894.42. Following the transaction, the executive vice president now owns 75,315 shares of the company’s stock, valued at $7,698,699.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,234 shares of company stock valued at $2,485,568. 5.20% of the stock is owned by company insiders.

Patrick Industries announced that its Board of Directors has authorized a stock buyback plan on Tuesday, January 30th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the construction company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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Patrick Industries Company Profile

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.

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