Q3 2022 Earnings Forecast for Patrick Industries, Inc. Issued By KeyCorp (NASDAQ:PATK)

Patrick Industries, Inc. (NASDAQ:PATKGet Rating) – Stock analysts at KeyCorp increased their Q3 2022 earnings per share (EPS) estimates for shares of Patrick Industries in a research report issued to clients and investors on Sunday, May 1st. KeyCorp analyst B. Andress now forecasts that the construction company will earn $2.74 per share for the quarter, up from their previous forecast of $2.73. KeyCorp also issued estimates for Patrick Industries’ Q4 2022 earnings at $2.36 EPS, Q2 2023 earnings at $3.30 EPS, Q3 2023 earnings at $2.15 EPS and Q4 2023 earnings at $1.79 EPS.

Other equities analysts have also recently issued reports about the company. Truist Financial assumed coverage on Patrick Industries in a report on Tuesday, April 12th. They issued a “buy” rating and a $75.00 target price for the company. Bank of America assumed coverage on Patrick Industries in a report on Monday, April 4th. They set an “underperform” rating and a $60.00 price target for the company. Zacks Investment Research cut Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 14th. Finally, StockNews.com started coverage on Patrick Industries in a report on Thursday, March 31st. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $81.80.

Shares of NASDAQ:PATK opened at $64.65 on Tuesday. The business has a 50 day moving average price of $63.68 and a 200 day moving average price of $71.82. The company has a quick ratio of 0.96, a current ratio of 2.37 and a debt-to-equity ratio of 1.86. Patrick Industries has a twelve month low of $54.80 and a twelve month high of $98.42. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 5.33, a PEG ratio of 1.03 and a beta of 1.95.

Patrick Industries (NASDAQ:PATKGet Rating) last issued its earnings results on Thursday, April 28th. The construction company reported $4.93 earnings per share for the quarter, topping the consensus estimate of $2.89 by $2.04. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.18 billion. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. The business’s revenue was up 57.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.80 EPS.

The business also recently declared a quarterly dividend, which was paid on Monday, March 21st. Stockholders of record on Monday, March 7th were given a $0.33 dividend. The ex-dividend date of this dividend was Friday, March 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.04%. Patrick Industries’s dividend payout ratio is currently 10.88%.

A number of hedge funds have recently bought and sold shares of PATK. Norges Bank bought a new position in Patrick Industries during the fourth quarter worth about $19,427,000. Goldman Sachs Group Inc. lifted its holdings in shares of Patrick Industries by 275.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 194,068 shares of the construction company’s stock valued at $15,660,000 after purchasing an additional 142,443 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Patrick Industries by 3.7% in the fourth quarter. BlackRock Inc. now owns 3,490,289 shares of the construction company’s stock valued at $281,631,000 after purchasing an additional 123,491 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at about $9,596,000. Finally, State Street Corp increased its position in shares of Patrick Industries by 6.1% in the fourth quarter. State Street Corp now owns 733,219 shares of the construction company’s stock valued at $59,163,000 after acquiring an additional 42,268 shares during the last quarter. Hedge funds and other institutional investors own 94.85% of the company’s stock.

About Patrick Industries (Get Rating)

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, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

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Earnings History and Estimates for Patrick Industries (NASDAQ:PATK)

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