Patrick Industries (NASDAQ:PATK) Releases Earnings Results

Patrick Industries (NASDAQ:PATK) announced its quarterly earnings results on Thursday. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02, Zacks reports. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%.

Patrick Industries Stock Performance

NASDAQ PATK traded down $1.58 on Thursday, reaching $96.12. 182,224 shares of the stock were exchanged, compared to its average volume of 366,523. The firm has a market capitalization of $3.23 billion, a PE ratio of 20.79, a PEG ratio of 1.46 and a beta of 2.26. Patrick Industries has a one year low of $67.10 and a one year high of $98.90. The company’s 50-day simple moving average is $89.02 and its two-hundred day simple moving average is $88.38. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

Patrick Industries Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 annualized dividend and a yield of 1.66%. Patrick Industries’s payout ratio is presently 34.48%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. KeyCorp boosted their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Raymond James reduced their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Truist Financial dropped their target price on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Benchmark reiterated a “buy” rating and issued a $96.67 price target on shares of Patrick Industries in a research note on Monday, November 4th. Finally, StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $92.63.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of Patrick Industries stock in a transaction on Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the transaction, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 4.70% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component 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.