Zacks: Brokerages Expect Patrick Industries, Inc. (NASDAQ:PATK) to Announce $1.30 Earnings Per Share

Analysts predict that Patrick Industries, Inc. (NASDAQ:PATK) will post $1.30 earnings per share for the current quarter, according to Zacks. Three analysts have provided estimates for Patrick Industries’ earnings, with the lowest EPS estimate coming in at $1.10 and the highest estimate coming in at $1.41. Patrick Industries posted earnings per share of $0.92 during the same quarter last year, which indicates a positive year-over-year growth rate of 41.3%. The firm is expected to announce its next earnings results on Thursday, October 22nd.

According to Zacks, analysts expect that Patrick Industries will report full year earnings of $3.48 per share for the current financial year, with EPS estimates ranging from $3.13 to $3.60. For the next fiscal year, analysts expect that the firm will report earnings of $4.84 per share, with EPS estimates ranging from $4.60 to $5.35. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research analysts that cover Patrick Industries.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, July 30th. The construction company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.13. The firm had revenue of $424.00 million for the quarter, compared to the consensus estimate of $412.46 million. Patrick Industries had a return on equity of 12.86% and a net margin of 2.97%. The business’s quarterly revenue was down 30.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.18 earnings per share.

A number of brokerages recently issued reports on PATK. TheStreet downgraded Patrick Industries from a “b” rating to a “c+” rating in a research report on Monday, August 31st. Bank of America upgraded Patrick Industries from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $74.00 to $88.00 in a research report on Friday, July 31st. KeyCorp increased their price objective on Patrick Industries from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. ValuEngine downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, September 3rd. Finally, Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Tuesday, June 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $71.14.

NASDAQ:PATK opened at $56.84 on Friday. The company has a market cap of $1.33 billion, a P/E ratio of 20.90, a P/E/G ratio of 1.58 and a beta of 2.41. The stock’s fifty day moving average price is $57.62 and its two-hundred day moving average price is $49.95. Patrick Industries has a 1 year low of $16.70 and a 1 year high of $69.84. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.46 and a quick ratio of 1.26.

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Monday, August 31st were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 28th. This represents a $1.00 dividend on an annualized basis and a yield of 1.76%. Patrick Industries’s payout ratio is currently 25.97%.

In related news, CEO Andy L. Nemeth sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, July 16th. The shares were sold at an average price of $66.00, for a total value of $165,000.00. Following the completion of the transaction, the chief executive officer now directly owns 225,633 shares in the company, valued at approximately $14,891,778. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jeff Rodino sold 2,414 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $67.50, for a total transaction of $162,945.00. Following the completion of the transaction, the executive vice president now owns 109,902 shares of the company’s stock, valued at $7,418,385. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,500 shares of company stock valued at $2,825,100. 7.60% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of PATK. Capital Research Global Investors bought a new stake in Patrick Industries in the 1st quarter worth approximately $11,779,000. Wasatch Advisors Inc. raised its position in shares of Patrick Industries by 493.9% during the 2nd quarter. Wasatch Advisors Inc. now owns 238,044 shares of the construction company’s stock valued at $14,580,000 after buying an additional 197,961 shares in the last quarter. Bank of America Corp DE raised its position in Patrick Industries by 120.4% in the 2nd quarter. Bank of America Corp DE now owns 243,140 shares of the construction company’s stock worth $14,893,000 after purchasing an additional 132,810 shares during the period. Summit Partners Public Asset Management LLC purchased a new stake in Patrick Industries in the 2nd quarter worth about $7,044,000. Finally, Nordea Investment Management AB raised its position in Patrick Industries by 100.0% in the 2nd quarter. Nordea Investment Management AB now owns 216,612 shares of the construction company’s stock worth $12,808,000 after purchasing an additional 108,296 shares during the period. 90.02% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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Earnings History and Estimates for Patrick Industries (NASDAQ:PATK)

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