Patrick Industries (NASDAQ:PATK) Announces Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Patrick Industries (NASDAQ:PATK) posted its earnings results on Thursday. The construction company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03), Briefing.com reports. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. During the same period in the previous year, the company earned $1.81 EPS. The company’s quarterly revenue was up 6.2% compared to the same quarter last year.

Patrick Industries Stock Down 8.1 %

NASDAQ PATK traded down $10.21 during trading on Friday, reaching $115.77. 871,735 shares of the company’s stock were exchanged, compared to its average volume of 180,648. The company has a 50 day moving average price of $136.64 and a two-hundred day moving average price of $121.72. The stock has a market cap of $2.59 billion, a P/E ratio of 16.61, a price-to-earnings-growth ratio of 1.26 and a beta of 1.61. Patrick Industries has a 1 year low of $75.01 and a 1 year high of $148.35. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is presently 31.56%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PATK. Raymond James decreased their price objective on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a report on Friday. KeyCorp boosted their price objective on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Robert W. Baird raised their target price on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Truist Financial boosted their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, BMO Capital Markets raised their price objective on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average price target of $139.88.

Insider Activity

In other news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In 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 insiders.

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.