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

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

Patrick Industries Stock Performance

PATK stock traded down $10.21 during trading on Friday, reaching $115.77. The company had a trading volume of 871,735 shares, compared to its average volume of 180,648. The firm has a 50-day simple moving average of $136.64 and a 200-day simple moving average of $121.72. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 1.26 and a beta of 1.61. Patrick Industries has a twelve month low of $75.01 and a twelve month 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 business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.90%. Patrick Industries’s dividend payout ratio (DPR) is currently 31.56%.

Wall Street Analyst Weigh In

PATK has been the subject of a number of research analyst reports. Truist Financial raised their price target on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. BMO Capital Markets increased their price objective on Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday. Benchmark restated a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research note on Tuesday, September 17th. Raymond James lowered their price objective on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research note on Friday. Finally, KeyCorp boosted their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $139.88.

Insider Transactions at Patrick Industries

In related news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 139,109 shares in the company, valued at $18,274,749.33. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of Patrick Industries 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 transaction, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,411 shares of company stock worth $3,858,915. Company insiders own 4.70% of the company’s stock.

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.