Patrick Industries (NASDAQ:PATK) Announces Quarterly Earnings Results

Patrick Industries (NASDAQ:PATK) released its earnings results on Thursday. The construction company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.50 by $0.02, Zacks reports. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%.

Patrick Industries Stock Down 2.7 %

PATK stock opened at $95.01 on Friday. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 20.47, a P/E/G ratio of 1.46 and a beta of 2.26. Patrick Industries has a twelve month low of $67.10 and a twelve month high of $98.90. The business has a 50 day moving average price of $89.13 and a two-hundred day moving average price of $88.42. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Patrick Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Monday, November 25th. Patrick Industries’s payout ratio is 34.48%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PATK shares. BMO Capital Markets increased their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. Truist Financial reduced their price target on Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. KeyCorp upped their price objective on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Raymond James reduced their target price on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, Benchmark reaffirmed a “buy” rating and issued a $96.67 price target on shares of Patrick Industries in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.63.

Insider Activity

In related news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the sale, the chief executive officer now owns 364,678 shares in the company, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.70% of the company’s stock.

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.