Patrick Industries (NASDAQ:PATK) Releases Earnings Results, Beats Estimates By $0.47 EPS

Patrick Industries (NASDAQ:PATK) posted its earnings results on Thursday. The construction company reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47, Briefing.com reports. The firm had revenue of $933.50 million for the quarter, compared to the consensus estimate of $829.22 million. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The company’s revenue was up 3.7% on a year-over-year basis. During the same period last year, the firm posted $1.35 EPS.

Patrick Industries Stock Up 0.7 %

PATK stock opened at $111.13 on Friday. Patrick Industries has a one year low of $63.57 and a one year high of $123.58. The stock has a market capitalization of $2.49 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 0.69 and a beta of 1.73. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.73 and a current ratio of 2.38. The company has a fifty day moving average of $112.17 and a 200-day moving average of $99.36.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Insider Transactions at Patrick Industries

In other news, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares in the company, valued at approximately $12,359,538.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares in the company, valued at approximately $12,359,538.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael A. Kitson sold 3,290 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the sale, the director now owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,873 shares of company stock worth $5,681,957. Company insiders own 4.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PATK shares. KeyCorp increased their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Truist Financial reaffirmed a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research report on Friday, April 12th. Roth Mkm raised their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Finally, BMO Capital Markets raised their price objective on shares of Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.86.

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.