Patrick Industries (NASDAQ:PATK) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Patrick Industries (NASDAQ:PATK) posted its quarterly earnings results on Thursday. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.87 by ($0.07), Briefing.com reports. The business had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.81 earnings per share.

Patrick Industries Stock Down 1.9 %

Shares of NASDAQ:PATK traded down $2.61 during trading on Thursday, hitting $131.39. The company’s stock had a trading volume of 61,741 shares, compared to its average volume of 175,802. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. Patrick Industries has a fifty-two week low of $73.26 and a fifty-two week high of $148.35. The stock’s 50-day moving average price is $137.01 and its two-hundred day moving average price is $121.62. The company has a market capitalization of $2.94 billion, a PE ratio of 18.87, a PEG ratio of 1.27 and a beta of 1.61.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.67%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is 31.56%.

Insider Buying and Selling

In related news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares in the company, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PATK shares. KeyCorp raised their price target on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. DA Davidson raised their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Truist Financial raised their price objective on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Benchmark reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a research note on Tuesday, September 17th. Finally, Robert W. Baird raised their price objective on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.38.

About Patrick Industries

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.