Patrick Industries (NASDAQ:PATK) Announces Earnings Results

Patrick Industries (NASDAQ:PATK) posted its quarterly earnings data on Thursday. The construction company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02, Zacks reports. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $94.75 on Friday. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 23.00, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26. 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 50 day moving average price of $89.13 and a 200-day moving average price of $88.42. Patrick Industries has a one year low of $67.10 and a one year high of $98.90.

Patrick Industries Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.69%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction dated Monday, November 25th. The shares were 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 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PATK. Truist Financial cut their target price on Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Raymond James lifted their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday. KeyCorp raised their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday. BMO Capital Markets boosted their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Benchmark raised their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average target price of $96.08.

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.