Brokerages predict that Patrick Industries, Inc. (NASDAQ:PATK) will report sales of $393.80 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Patrick Industries’ earnings, with the lowest sales estimate coming in at $385.44 million and the highest estimate coming in at $402.16 million. Patrick Industries reported sales of $315.16 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 25%. The business is scheduled to issue its next earnings report before the market opens on Thursday, July 27th.

According to Zacks, analysts expect that Patrick Industries will report full year sales of $393.80 million for the current fiscal year, with estimates ranging from $1.46 billion to $1.50 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.63 billion per share, with estimates ranging from $1.60 billion to $1.66 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Patrick Industries.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, April 27th. The construction company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.26. The business had revenue of $345 million for the quarter, compared to analysts’ expectations of $327.37 million. Patrick Industries had a net margin of 4.64% and a return on equity of 29.55%. The business’s revenue was up 23.8% compared to the same quarter last year.

A number of analysts recently issued reports on PATK shares. Wells Fargo & Company started coverage on Patrick Industries in a research report on Monday, March 20th. They set a “market perform” rating for the company. Bank of America Corporation started coverage on Patrick Industries in a research report on Monday, April 17th. They set a “buy” rating and a $80.00 price objective for the company. Robert W. Baird started coverage on Patrick Industries in a research report on Friday, April 21st. They set an “outperform” rating and a $74.00 price objective for the company. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Tuesday, May 23rd. Finally, BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a research report on Friday, June 9th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $76.00.

Shares of Patrick Industries (PATK) opened at 73.575 on Friday. The stock’s 50 day moving average is $72.27 and its 200-day moving average is $74.08. Patrick Industries has a 52 week low of $50.80 and a 52 week high of $86.10. The firm has a market cap of $1.23 billion, a PE ratio of 18.808 and a beta of 0.91.

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In other news, Director M Scott Welch acquired 5,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, May 18th. The stock was purchased at an average price of $66.50 per share, with a total value of $332,500.00. Following the completion of the transaction, the director now owns 24,908 shares in the company, valued at $1,656,382. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 6.20% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Nuveen Asset Management LLC boosted its stake in shares of Patrick Industries by 12.1% in the first quarter. Nuveen Asset Management LLC now owns 6,329 shares of the construction company’s stock worth $449,000 after buying an additional 682 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Patrick Industries by 78.0% in the second quarter. State of Alaska Department of Revenue now owns 3,132 shares of the construction company’s stock worth $228,000 after buying an additional 1,372 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Patrick Industries by 2.3% in the first quarter. Public Employees Retirement System of Ohio now owns 84,005 shares of the construction company’s stock worth $5,956,000 after buying an additional 1,877 shares in the last quarter. Eqis Capital Management Inc. bought a new stake in shares of Patrick Industries during the second quarter worth $226,000. Finally, GW&K Investment Management LLC bought a new stake in shares of Patrick Industries during the second quarter worth $22,840,000. 89.45% of the stock is owned by institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.

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