Brokers Set Expectations for Patrick Industries, Inc.’s Q2 2024 Earnings (NASDAQ:PATK)

Patrick Industries, Inc. (NASDAQ:PATK) – Equities research analysts at Roth Capital lowered their Q2 2024 EPS estimates for shares of Patrick Industries in a report issued on Monday, May 6th. Roth Capital analyst S. Stember now expects that the construction company will post earnings per share of $1.99 for the quarter, down from their prior forecast of $2.12. The consensus estimate for Patrick Industries’ current full-year earnings is $8.05 per share. Roth Capital also issued estimates for Patrick Industries’ FY2024 earnings at $8.38 EPS and Q1 2025 earnings at $2.13 EPS.

A number of other research firms have also issued reports on PATK. Roth Mkm restated a “buy” rating and issued a $126.00 target price (up from $120.00) on shares of Patrick Industries in a report on Monday. BMO Capital Markets upped their price objective on shares of Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. KeyCorp lifted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, February 9th. Truist Financial reiterated a “buy” rating and issued a $130.00 price target on shares of Patrick Industries in a report on Friday, April 12th. Finally, StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.71.

Patrick Industries Stock Up 0.4 %

PATK opened at $114.55 on Wednesday. The firm has a market cap of $2.57 billion, a P/E ratio of 16.97 and a beta of 1.73. The business’s fifty day simple moving average is $112.03 and its 200 day simple moving average is $100.19. Patrick Industries has a 52 week low of $63.57 and a 52 week high of $123.58. The company has a quick ratio of 0.96, a current ratio of 2.38 and a debt-to-equity ratio of 1.32.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.47. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The company had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. During the same quarter last year, the business posted $1.35 earnings per share. Patrick Industries’s revenue was up 3.7% compared to the same quarter last year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at about $35,000. Carmel Capital Partners LLC purchased a new stake in shares of Patrick Industries during the third quarter valued at approximately $44,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Patrick Industries by 21.6% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock worth $102,000 after purchasing an additional 238 shares in the last quarter. Xponance Inc. purchased a new position in shares of Patrick Industries in the fourth quarter valued at $203,000. Finally, Heritage Wealth Management LLC acquired a new stake in Patrick Industries during the 4th quarter valued at $238,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the sale, the director now owns 8,553 shares of the company’s stock, valued at $948,271.11. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total transaction of $364,762.30. Following the transaction, the director now directly owns 8,553 shares of the company’s stock, valued at $948,271.11. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Andy L. Nemeth sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $116.50, for a total transaction of $582,500.00. Following the sale, the chief executive officer now owns 284,619 shares of the company’s stock, valued at $33,158,113.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,873 shares of company stock valued at $5,681,957. 4.70% of the stock is currently owned by company insiders.

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.