Equities analysts forecast that Patrick Industries, Inc. (NASDAQ:PATK) will announce $729.35 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Patrick Industries’ earnings. The lowest sales estimate is $695.16 million and the highest is $768.00 million. Patrick Industries reported sales of $589.23 million in the same quarter last year, which indicates a positive year over year growth rate of 23.8%. The company is scheduled to report its next quarterly earnings results on Thursday, April 29th.
On average, analysts expect that Patrick Industries will report full-year sales of $3.05 billion for the current financial year, with estimates ranging from $2.96 billion to $3.16 billion. For the next fiscal year, analysts forecast that the company will post sales of $3.18 billion, with estimates ranging from $3.08 billion to $3.35 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Patrick Industries.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 11th. The construction company reported $1.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.49 by $0.15. The business had revenue of $772.61 million for the quarter, compared to analyst estimates of $705.27 million. Patrick Industries had a net margin of 3.50% and a return on equity of 15.75%.
Separately, Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $78.00 price target for the company in a research note on Wednesday, January 6th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $74.40.
In other Patrick Industries news, EVP Courtney Blosser sold 3,000 shares of the stock in a transaction on Wednesday, January 20th. The shares were sold at an average price of $75.00, for a total transaction of $225,000.00. Following the completion of the sale, the executive vice president now owns 46,740 shares of the company’s stock, valued at approximately $3,505,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Andy L. Nemeth sold 15,002 shares of the company’s stock in a transaction on Monday, March 15th. The stock was sold at an average price of $90.45, for a total transaction of $1,356,930.90. Following the completion of the transaction, the chief executive officer now owns 272,982 shares of the company’s stock, valued at $24,691,221.90. The disclosure for this sale can be found here. Insiders have sold a total of 184,438 shares of company stock worth $15,454,944 in the last ninety days. 7.60% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the stock. Veriti Management LLC purchased a new stake in Patrick Industries during the 4th quarter valued at about $56,000. SG Americas Securities LLC bought a new stake in Patrick Industries during the 4th quarter worth approximately $166,000. Nisa Investment Advisors LLC raised its position in shares of Patrick Industries by 8.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,650 shares of the construction company’s stock valued at $181,000 after buying an additional 200 shares during the last quarter. First Hawaiian Bank bought a new stake in shares of Patrick Industries during the first quarter valued at approximately $236,000. Finally, Level Four Advisory Services LLC bought a new stake in shares of Patrick Industries during the fourth quarter valued at approximately $203,000. Institutional investors own 88.50% of the company’s stock.
Patrick Industries stock traded up $1.39 during mid-day trading on Friday, reaching $89.40. The company had a trading volume of 2,174 shares, compared to its average volume of 151,421. Patrick Industries has a fifty-two week low of $26.32 and a fifty-two week high of $93.84. The company has a current ratio of 2.10, a quick ratio of 0.99 and a debt-to-equity ratio of 1.28. The company has a market cap of $2.10 billion, a P/E ratio of 25.73, a P/E/G ratio of 1.34 and a beta of 2.41. The business has a fifty day simple moving average of $84.85 and a 200 day simple moving average of $70.76.
The firm also recently declared a quarterly dividend, which was paid on Monday, March 22nd. Stockholders of record on Monday, March 8th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Friday, March 5th. Patrick Industries’s dividend payout ratio (DPR) is currently 29.09%.
About Patrick Industries
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 and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication aluminum product; RV painting; decorative vinyl and paper laminated panel; fiberglass and plastic component; softwoods lumber; custom cabinet; polymer-based flooring product; marine hardware; air handling; and electrical system and component, including instrument and dash panel, and other product.
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