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

Patrick Industries (NASDAQ:PATK) posted its 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 company had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the company posted $1.81 earnings per share.

Patrick Industries Price Performance

PATK traded down $2.61 during trading on Thursday, reaching $131.39. The stock had a trading volume of 61,741 shares, compared to its average volume of 175,802. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 18.87, a price-to-earnings-growth ratio of 1.27 and a beta of 1.61. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. Patrick Industries has a 1-year low of $73.26 and a 1-year high of $148.35. The stock has a 50 day moving average of $137.01 and a two-hundred day moving average of $121.62.

Patrick Industries Dividend Announcement

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

Insiders Place Their Bets

In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the sale, the director now directly owns 82,374 shares in the company, valued at $10,795,112.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $18,274,749.33. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the sale, the director now directly owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock worth $3,858,915 over the last ninety days. Company insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on PATK shares. Raymond James started coverage on Patrick Industries in a report on Tuesday, October 1st. They set an “outperform” rating and a $160.00 target price for the company. Benchmark reaffirmed a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a report on Tuesday, September 17th. DA Davidson upped their target price on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Truist Financial boosted their price objective on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, Robert W. Baird boosted their price objective on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report 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’s stock. According to data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and an average price target of $140.38.

Patrick Industries Company Profile

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.