Zacks: Analysts Expect Patrick Industries, Inc. (PATK) Will Announce Quarterly Sales of $455.39 Million

Wall Street brokerages expect Patrick Industries, Inc. (NASDAQ:PATK) to announce sales of $455.39 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Patrick Industries’ earnings. The highest sales estimate is $457.40 million and the lowest is $453.37 million. Patrick Industries posted sales of $345.43 million in the same quarter last year, which suggests a positive year over year growth rate of 31.8%. The business is expected to announce its next quarterly earnings report on Thursday, April 26th.

According to Zacks, analysts expect that Patrick Industries will report full year sales of $455.39 million for the current fiscal year, with estimates ranging from $1.93 billion to $1.94 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $2.08 billion per share. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Patrick Industries.

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

Several research analysts recently weighed in on the stock. Robert W. Baird reaffirmed a “buy” rating on shares of Patrick Industries in a report on Friday, February 16th. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a report on Thursday, February 15th. BidaskClub raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. Bank of America upped their target price on shares of Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Finally, KeyCorp assumed coverage on shares of Patrick Industries in a report on Friday, December 15th. They issued an “overweight” rating and a $80.00 target price for the company. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $73.60.

In other Patrick Industries news, insider Courtney Blosser sold 6,000 shares of the stock in a transaction dated 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 transaction, the insider now owns 28,214 shares of the company’s stock, valued at approximately $2,857,513.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeff Rodino sold 3,511 shares of the stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $102.22, for a total transaction of $358,894.42. Following the transaction, the executive vice president now directly 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. Insiders have sold a total of 25,234 shares of company stock valued at $2,485,568 in the last three months. Insiders own 5.20% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Ameritas Investment Partners Inc. boosted its holdings in shares of Patrick Industries by 13.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after purchasing an additional 168 shares during the last quarter. Catalyst Capital Advisors LLC bought a new position in shares of Patrick Industries during the 4th quarter valued at about $160,000. UBS Asset Management Americas Inc. bought a new position in shares of Patrick Industries during the 2nd quarter valued at about $202,000. 361 Capital LLC bought a new position in shares of Patrick Industries during the 3rd quarter valued at about $206,000. Finally, Quadrature Capital Ltd bought a new position in shares of Patrick Industries during the 4th quarter valued at about $210,000. 75.89% of the stock is owned by institutional investors and hedge funds.

Patrick Industries (NASDAQ:PATK) opened at $63.60 on Wednesday. The firm has a market cap of $1,666.63, a price-to-earnings ratio of 20.70, a P/E/G ratio of 1.37 and a beta of 0.84. The company has a quick ratio of 0.72, a current ratio of 2.01 and a debt-to-equity ratio of 0.91. Patrick Industries has a 1-year low of $40.07 and a 1-year high of $72.35.

Patrick Industries declared that its board has approved a stock repurchase plan on Tuesday, January 30th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

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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.

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