Patrick Industries (NASDAQ:PATK) Shares Gap Up After Strong Earnings

Shares of Patrick Industries, Inc. (NASDAQ:PATK) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $76.98, but opened at $83.66. Patrick Industries shares last traded at $80.73, with a volume of 28,172 shares changing hands.

The construction company reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.13. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. During the same period last year, the business earned $1.79 EPS. The company’s revenue was up 7.5% on a year-over-year basis.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.93%. Patrick Industries’s dividend payout ratio is currently 38.83%.

Analyst Ratings Changes

Several equities research analysts recently commented on PATK shares. Raymond James cut their price target on shares of Patrick Industries from $103.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday. Benchmark lifted their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Truist Financial decreased their price objective on Patrick Industries from $120.00 to $110.00 and set a “buy” rating for the company in a report on Monday, April 14th. Baird R W downgraded shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Finally, KeyCorp lowered their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $96.29.

Insider Activity

In other Patrick Industries news, Director M Scott Welch purchased 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the purchase, the director now directly owns 2,961 shares in the company, valued at $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the transaction, the executive vice president now owns 18,044 shares of the company’s stock, valued at $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kestra Investment Management LLC purchased a new stake in Patrick Industries during the fourth quarter worth about $25,000. Covestor Ltd boosted its stake in shares of Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after acquiring an additional 312 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after acquiring an additional 109 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after purchasing an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after purchasing an additional 528 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The company has a market capitalization of $2.78 billion, a PE ratio of 20.10, a P/E/G ratio of 1.41 and a beta of 2.05. The stock has a 50-day simple moving average of $83.07 and a 200 day simple moving average of $87.29.

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.