Patrick Industries Inc (NASDAQ:PATK) Reports Quarterly Earnings, Beats Expectations of $2.04 EPS


Patrick Industries (NASDAQ:PATK – Get Rating) released its quarterly results on Thursday. The construction company reported earnings per share of $4.93 for the quarter, beating Thomson Reuters consensus estimate of $2.89 from $2.04, Briefing.com reports. Patrick Industries had a return on equity of 32.26% and a net margin of 5.52%. The company posted revenue of $1.34 billion for the quarter, compared to analysts’ estimates of $1.18 billion. During the same period a year earlier, the company posted earnings per share of $1.80. The company’s revenue increased 57.8% year over year.

Shares of PATK traded down $0.88 during Friday’s midday session, hitting $62.25. The company’s stock had a trading volume of 222,647 shares, compared to an average volume of 246,757. Patrick Industries has a 52-week low of $54.80 and a 52-week high of $98.42. The company has a 50-day moving average price of $63.90 and a 200-day moving average price of $72.23. The company has a debt ratio of 1.67, a quick ratio of 0.83 and a current ratio of 2.25. The stock has a market capitalization of $1.45 billion, a price/earnings ratio of 6.46, a PEG ratio of 1.02 and a beta of 2.12.

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 21. Shareholders of record on Monday, March 7 received a dividend of $0.33 per share. This represents a dividend of $1.32 on an annualized basis and a yield of 2.12%. The ex-dividend date was Friday, March 4. Patrick Industries’ payout rate is 13.71%.

(A d)

Looking for the next disruptive Microcap stocks? These companies will be releasing their quarterly results very soon… And we’ve found 5 microcap stocks that could experience a surge in share price.

PATK has been the subject of several research reports. Truist Financial launched coverage on Patrick Industries in a research report on Tuesday, April 12. They set a “buy” rating and a price target of $75.00 on the stock. Bank of America began covering Patrick Industries in a research note on Monday, April 4. They set an “underperforming” rating and a price target of $60.00 for the company. StockNews.com began covering Patrick Industries in a research note on Thursday, March 31. They set a “hold” rating for the company. Finally, Zacks Investment Research upgraded Patrick Industries from a “strong buy” rating to a “hold” rating in a Thursday, April 14 research note. One equity research analyst has assigned the stock a sell rating, two have issued a hold rating and three have assigned the company’s stock a buy rating. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.80.

Hedge funds have recently been buying and selling shares of the company. LPL Financial LLC bought a new stock position in Patrick Industries in the fourth quarter worth $225,000. Marshall Wace LLP bought a new position in shares of Patrick Industries in the fourth quarter worth $246,000. Allianz Asset Management GmbH bought a new position in shares of Patrick Industries in the fourth quarter worth $339,000. The Tennessee State Treasury Department increased its stake in shares of Patrick Industries by 9.5% in the fourth quarter. The Tennessee State Treasury Department now owns 14,123 shares of the construction company worth $1,139,000 after buying 1,221 more shares in the last quarter. Finally, Stifel Financial Corp increased its stake in shares of Patrick Industries by 1.0% in the fourth quarter. Stifel Financial Corp now owns 20,121 shares of the construction company worth $1,624,000 after buying 199 more shares in the last quarter. Hedge funds and other institutional investors hold 88.19% of the company’s shares.

About Patrick Industries (Get an assessment)

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, shelves, walls, counters and cabinets; cabinet door, fiberglass bath fixture and tiling system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars and subwoofers; manufacture of solid surface, granite and quartz countertops; aluminum product; fiberglass and plastic components; VR painting; vinyl and paper laminated decorative panels; softwood lumber; custom cabinet; polymer-based flooring product; dashboard panels; and other products.

Read more

Earnings history for Patrick Industries (NASDAQ:PATK)

This instant news alert was powered by MarketBeat’s storytelling science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Should you invest $1,000 in Patrick Industries right now?

Before you consider Patrick Industries, you’ll want to hear this.

MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Patrick Industries wasn’t on the list.

Although Patrick Industries currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the 5 actions here

Previous ISMC to construct $3 billion semiconductor chip factory in Karnataka's electronics manufacturing cluster at Kochanahalli near Mysuru
Next Get a first glimpse of the giant void in my soul at Luna Stage