Patrick Industries (NASDAQ:PATK) Releases Earnings Results, Beats Estimates By $0.02 EPS

Patrick Industries (NASDAQ:PATK) announced its earnings results on Thursday. The construction company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02, Zacks reports. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%.

Patrick Industries Trading Down 1.7 %

Patrick Industries stock traded down $1.62 during trading hours on Thursday, reaching $96.07. The company had a trading volume of 168,644 shares, compared to its average volume of 365,895. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. Patrick Industries has a 12-month low of $67.10 and a 12-month high of $98.90. The company has a 50-day moving average price of $89.02 and a 200 day moving average price of $88.38. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of 20.72, a P/E/G ratio of 1.46 and a beta of 2.26.

Patrick Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 annualized dividend and a yield of 1.67%. Patrick Industries’s payout ratio is 34.48%.

Insider Activity

In related news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the chief executive officer now directly owns 379,678 shares in the company, valued at $34,171,020. This represents a 7.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 4.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. KeyCorp boosted their price target on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Raymond James decreased their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Benchmark reiterated a “buy” rating and set a $96.67 target price on shares of Patrick Industries in a research report on Monday, November 4th. Finally, Truist Financial cut their price objective on Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $92.63.

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.