Equities analysts expect Patrick Industries, Inc. (NASDAQ:PATK) to announce sales of $602.02 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Patrick Industries’ earnings. The highest sales estimate is $612.60 million and the lowest is $592.56 million. Patrick Industries reported sales of $551.83 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 9.1%. The company is scheduled to issue its next earnings results on Thursday, April 25th.
According to Zacks, analysts expect that Patrick Industries will report full year sales of $2.51 billion for the current fiscal year, with estimates ranging from $2.45 billion to $2.56 billion. For the next fiscal year, analysts anticipate that the company will report sales of $2.60 billion, with estimates ranging from $2.52 billion to $2.70 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Patrick Industries.
Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 14th. The construction company reported $0.96 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.21. Patrick Industries had a return on equity of 28.26% and a net margin of 5.30%. The business had revenue of $531.00 million for the quarter, compared to analysts’ expectations of $519.00 million. During the same period in the prior year, the business posted $0.87 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis.
A number of research firms have issued reports on PATK. BidaskClub cut Patrick Industries from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. Wells Fargo & Co increased their price target on Patrick Industries from $30.00 to $49.00 and gave the stock a “market perform” rating in a report on Wednesday, February 27th. KeyCorp increased their price target on Patrick Industries from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, February 19th. TheStreet cut Patrick Industries from a “b-” rating to a “c+” rating in a report on Wednesday, December 12th. Finally, Zacks Investment Research upgraded Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. Patrick Industries currently has an average rating of “Hold” and an average price target of $66.60.
In other Patrick Industries news, Director Walter E. Wells sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $45.34, for a total transaction of $45,340.00. Following the transaction, the director now directly owns 60,030 shares in the company, valued at approximately $2,721,760.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd M. Cleveland purchased 10,000 shares of the business’s stock in a transaction on Monday, December 17th. The shares were acquired at an average price of $29.59 per share, for a total transaction of $295,900.00. Following the completion of the acquisition, the chief executive officer now directly owns 601,219 shares in the company, valued at approximately $17,790,070.21. The disclosure for this purchase can be found here. 5.60% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of PATK. PRW Wealth Management LLC bought a new position in shares of Patrick Industries in the 4th quarter worth $25,000. Oppenheimer Asset Management Inc. bought a new position in shares of Patrick Industries in the 4th quarter worth $30,000. Quantamental Technologies LLC bought a new position in shares of Patrick Industries in the 4th quarter worth $100,000. Meeder Asset Management Inc. lifted its holdings in shares of Patrick Industries by 980.4% in the 4th quarter. Meeder Asset Management Inc. now owns 4,408 shares of the construction company’s stock worth $131,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Patrick Industries by 11.7% in the 4th quarter. Bank of Montreal Can now owns 4,534 shares of the construction company’s stock worth $135,000 after purchasing an additional 474 shares in the last quarter. Institutional investors own 87.72% of the company’s stock.
PATK stock traded up $0.34 during trading on Friday, hitting $45.14. The company had a trading volume of 186,931 shares, compared to its average volume of 293,851. Patrick Industries has a one year low of $27.32 and a one year high of $67.50. The stock has a market capitalization of $1.07 billion, a PE ratio of 9.71, a PEG ratio of 0.64 and a beta of 1.92. The company has a debt-to-equity ratio of 1.52, a current ratio of 2.44 and a quick ratio of 0.71.
About Patrick Industries
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; 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.
Further Reading: What is a Leveraged Buyout (LBO)?
Get a free copy of the Zacks research report on Patrick Industries (PATK)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.