$1.27 Billion in Sales Expected for Patrick Industries, Inc. (NASDAQ:PATK) This Quarter

Equities research analysts expect Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) to announce sales of $1.27 billion for the current quarter, Zacks reports. Two analysts have provided estimates for Patrick Industries’ earnings, with the lowest sales estimate coming in at $1.26 billion and the highest estimate coming in at $1.28 billion. Patrick Industries reported sales of $1.02 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 24.5%. The firm is scheduled to announce its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Patrick Industries will report full year sales of $4.87 billion for the current fiscal year, with estimates ranging from $4.86 billion to $4.88 billion. For the next financial year, analysts anticipate that the business will report sales of $4.58 billion, with estimates ranging from $4.53 billion to $4.64 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Patrick Industries.

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

PATK has been the subject of several recent research reports. Truist Financial initiated coverage on Patrick Industries in a research note on Tuesday, April 12th. They issued a “buy” rating and a $75.00 price objective for the company. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $78.00 target price on the stock in a report on Thursday, May 5th. MKM Partners started coverage on Patrick Industries in a report on Thursday, May 5th. They issued a “buy” rating and a $93.00 target price on the stock. StockNews.com upgraded Patrick Industries from a “hold” rating to a “buy” rating in a report on Monday. Finally, Bank of America started coverage on Patrick Industries in a report on Monday, April 4th. They issued an “underperform” rating and a $60.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Patrick Industries currently has an average rating of “Buy” and an average target price of $83.33.

Patrick Industries stock opened at $54.68 on Wednesday. The business has a 50 day moving average of $62.42 and a 200-day moving average of $70.08. Patrick Industries has a 1 year low of $54.02 and a 1 year high of $88.79. The company has a debt-to-equity ratio of 1.86, a current ratio of 2.37 and a quick ratio of 0.96. The company has a market capitalization of $1.26 billion, a P/E ratio of 4.51, a P/E/G ratio of 0.72 and a beta of 1.95.

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 13th. Shareholders of record on Tuesday, May 31st will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, May 27th. Patrick Industries’s payout ratio is 10.88%.

In related news, Chairman Todd M. Cleveland sold 3,103 shares of the stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $65.04, for a total value of $201,819.12. Following the completion of the sale, the chairman now directly owns 212,414 shares of the company’s stock, valued at approximately $13,815,406.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Todd M. Cleveland sold 5,000 shares of the stock in a transaction on Friday, May 13th. The shares were sold at an average price of $67.65, for a total value of $338,250.00. Following the completion of the sale, the chairman now directly owns 190,517 shares of the company’s stock, valued at $12,888,475.05. The disclosure for this sale can be found here. Insiders have sold a total of 23,103 shares of company stock worth $1,556,669 over the last 90 days. Company insiders own 6.10% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UMB Bank N A MO purchased a new stake in shares of Patrick Industries during the 4th quarter valued at $28,000. First Horizon Advisors Inc. increased its position in shares of Patrick Industries by 462.3% during the 4th quarter. First Horizon Advisors Inc. now owns 731 shares of the construction company’s stock valued at $58,000 after purchasing an additional 601 shares during the last quarter. Wilen Investment Management CORP. bought a new position in shares of Patrick Industries during the 3rd quarter worth $69,000. Point72 Hong Kong Ltd bought a new position in shares of Patrick Industries during the 4th quarter worth $98,000. Finally, Captrust Financial Advisors grew its stake in shares of Patrick Industries by 80.2% during the 1st quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company’s stock worth $100,000 after acquiring an additional 737 shares during the period. 94.85% of the stock is owned by institutional investors and hedge funds.

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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