Brokerages Anticipate Patrick Industries, Inc. (PATK) to Post $0.75 Earnings Per Share

Equities research analysts expect that Patrick Industries, Inc. (NASDAQ:PATK) will report earnings per share of $0.75 for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Patrick Industries’ earnings, with the lowest EPS estimate coming in at $0.72 and the highest estimate coming in at $0.77. Patrick Industries reported earnings of $0.87 per share in the same quarter last year, which suggests a negative year over year growth rate of 13.8%. The business is scheduled to announce its next quarterly earnings report before the market opens on Thursday, February 14th.

According to Zacks, analysts expect that Patrick Industries will report full year earnings of $4.53 per share for the current financial year, with EPS estimates ranging from $4.50 to $4.55. For the next financial year, analysts expect that the company will post earnings of $4.65 per share, with EPS estimates ranging from $4.55 to $4.75. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that cover Patrick Industries.

Several research analysts have recently issued reports on the company. TheStreet cut Patrick Industries from a “b-” rating to a “c+” rating in a research note on Wednesday, December 12th. BidaskClub raised Patrick Industries from a “sell” rating to a “hold” rating in a research note on Saturday, January 19th. Sidoti decreased their price target on Patrick Industries from $90.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, October 23rd. Wells Fargo & Co decreased their price target on Patrick Industries from $67.00 to $30.00 and set a “market perform” rating for the company in a research note on Tuesday, December 18th. Finally, Zacks Investment Research cut Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Patrick Industries currently has an average rating of “Hold” and an average price target of $64.75.

In other news, CEO Todd M. Cleveland bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 17th. The stock was acquired at an average price of $29.59 per share, with a total value of $295,900.00. Following the completion of the purchase, the chief executive officer now directly owns 601,219 shares of the company’s stock, valued at approximately $17,790,070.21. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Todd M. Cleveland bought 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 13th. The shares were purchased at an average cost of $31.72 per share, with a total value of $475,800.00. Following the purchase, the chief executive officer now directly owns 601,219 shares of the company’s stock, valued at $19,070,666.68. The disclosure for this purchase can be found here. Insiders have sold 356,737 shares of company stock valued at $11,131,139 in the last ninety days. Company insiders own 5.60% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Patrick Industries by 2.5% during the third quarter. BlackRock Inc. now owns 3,350,263 shares of the construction company’s stock valued at $198,335,000 after purchasing an additional 82,322 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Patrick Industries by 1.4% during the third quarter. Vanguard Group Inc. now owns 1,386,725 shares of the construction company’s stock valued at $82,094,000 after purchasing an additional 19,460 shares during the last quarter. Vanguard Group Inc lifted its holdings in shares of Patrick Industries by 1.4% during the third quarter. Vanguard Group Inc now owns 1,386,725 shares of the construction company’s stock valued at $82,094,000 after purchasing an additional 19,460 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Patrick Industries by 0.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,023,246 shares of the construction company’s stock valued at $60,576,000 after purchasing an additional 3,805 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Patrick Industries by 3.6% during the third quarter. JPMorgan Chase & Co. now owns 593,889 shares of the construction company’s stock valued at $35,158,000 after purchasing an additional 20,554 shares during the last quarter. 92.77% of the stock is owned by institutional investors and hedge funds.

NASDAQ:PATK opened at $40.62 on Tuesday. Patrick Industries has a 1 year low of $27.32 and a 1 year high of $69.85. The firm has a market capitalization of $956.20 million, a PE ratio of 12.77, a price-to-earnings-growth ratio of 0.57 and a beta of 1.94. The company has a quick ratio of 0.85, a current ratio of 2.24 and a debt-to-equity ratio of 1.43.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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