Patrick Industries (NASDAQ:PATK) Posts Earnings Results, Beats Estimates By $0.02 EPS

Patrick Industries (NASDAQ:PATK) posted its quarterly earnings results on Thursday. The construction company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02, Zacks reports. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%.

Patrick Industries Stock Down 0.3 %

NASDAQ:PATK opened at $94.75 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.97 and a current ratio of 2.33. The stock has a market capitalization of $3.18 billion, a P/E ratio of 23.00, a P/E/G ratio of 1.42 and a beta of 2.26. The company’s 50-day simple moving average is $89.13 and its 200-day simple moving average is $88.42. Patrick Industries has a fifty-two week low of $67.10 and a fifty-two week high of $98.90.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Tuesday, February 18th. Patrick Industries’s payout ratio is 38.83%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PATK shares. Benchmark raised their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday. BMO Capital Markets upped their target price on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. KeyCorp raised their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, Raymond James raised their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $96.08.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the transaction, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This represents a 3.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 4.70% of the stock is currently owned by company insiders.

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.