Patrick Industries (PATK) Set to Announce Earnings on Thursday

Patrick Industries (NASDAQ:PATK) will be issuing its quarterly earnings data before the market opens on Thursday, May 2nd. Analysts expect the company to announce earnings of $1.32 per share for the quarter. Parties interested in listening to the company’s conference call can do so using this link.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.10. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The firm had revenue of $781.20 million for the quarter, compared to analyst estimates of $780.97 million. During the same period last year, the firm posted $1.82 EPS. Patrick Industries’s quarterly revenue was down 17.9% on a year-over-year basis. On average, analysts expect Patrick Industries to post $8 EPS for the current fiscal year and $10 EPS for the next fiscal year.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $106.81 on Thursday. Patrick Industries has a 1-year low of $63.57 and a 1-year high of $123.58. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73. The firm’s fifty day moving average price is $112.98 and its 200 day moving average price is $97.66. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 0.66 and a beta of 1.72.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is currently 33.79%.

Insider Buying and Selling

In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $115.00, for a total value of $2,070,000.00. Following the transaction, the insider now directly owns 108,778 shares in the company, valued at approximately $12,509,470. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Kip B. Ellis sold 18,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the completion of the sale, the insider now owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the sale, the director now directly owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The disclosure for this sale can be found here. Insiders have sold 48,873 shares of company stock worth $5,681,957 in the last three months. Corporate insiders own 4.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. KeyCorp raised their target price on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Truist Financial reissued a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a report on Friday, April 12th. Finally, Roth Mkm raised their target price on Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average target price of $103.00.

About Patrick Industries

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.