Patrick Industries (NASDAQ:PATK) Releases Earnings Results, Beats Expectations By $0.10 EPS

Patrick Industries (NASDAQ:PATKGet Free Report) issued its earnings results on Thursday. The construction company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.10, Briefing.com reports. The firm had revenue of $781.20 million for the quarter, compared to analysts’ expectations of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The firm’s revenue was down 17.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.82 earnings per share.

Patrick Industries Stock Performance

Shares of PATK opened at $110.16 on Friday. The company has a current ratio of 2.38, a quick ratio of 0.87 and a debt-to-equity ratio of 0.97. The firm has a market cap of $2.44 billion, a PE ratio of 16.92 and a beta of 1.71. The company’s 50 day simple moving average is $97.44 and its 200-day simple moving average is $85.63. Patrick Industries has a 12-month low of $63.57 and a 12-month high of $112.11.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.00%. Patrick Industries’s dividend payout ratio (DPR) is presently 33.79%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, January 18th. Roth Mkm raised their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a report on Friday. Truist Financial increased their price target on shares of Patrick Industries from $95.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. BMO Capital Markets started coverage on shares of Patrick Industries in a research note on Thursday, December 7th. They issued an “outperform” rating and a $105.00 price target on the stock. Finally, KeyCorp increased their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $102.29.

Check Out Our Latest Stock Analysis on PATK

Insider Transactions at Patrick Industries

In other news, Director Todd M. Cleveland sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $83.57, for a total transaction of $208,925.00. Following the transaction, the director now directly owns 88,690 shares in the company, valued at $7,411,823.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Todd M. Cleveland sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $83.57, for a total transaction of $208,925.00. Following the transaction, the director now directly owns 88,690 shares in the company, valued at $7,411,823.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Todd M. Cleveland sold 10,000 shares of the stock in a transaction on Monday, November 20th. The stock was sold at an average price of $85.60, for a total value of $856,000.00. Following the sale, the director now directly owns 44,237 shares of the company’s stock, valued at $3,786,687.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 85,500 shares of company stock worth $7,762,805. Insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently modified their holdings of PATK. Tower Research Capital LLC TRC lifted its holdings in shares of Patrick Industries by 129.6% during the first quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock worth $34,000 after purchasing an additional 276 shares during the period. Gyon Technologies Capital Management LP acquired a new stake in shares of Patrick Industries during the fourth quarter worth $48,000. Quantbot Technologies LP acquired a new stake in shares of Patrick Industries during the second quarter worth $71,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Patrick Industries by 12.1% during the third quarter. Public Employees Retirement System of Ohio now owns 1,800 shares of the construction company’s stock worth $79,000 after purchasing an additional 195 shares during the period. Finally, Captrust Financial Advisors lifted its holdings in shares of Patrick Industries by 80.2% during the first quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company’s stock worth $100,000 after purchasing an additional 737 shares during the period. 93.18% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Company Profile

(Get Free Report)

Patrick Industries, Inc manufactures and distributes components, building 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.

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Earnings History for Patrick Industries (NASDAQ:PATK)

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