Patrick Industries, Inc. (NASDAQ:PATK) posted its earnings results on Thursday. The construction company reported $1.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.13, MarketWatch Earnings reports. The company had revenue of $407.20 million for the quarter, compared to analyst estimates of $384.54 million. Patrick Industries had a return on equity of 29.55% and a net margin of 4.64%. Patrick Industries’s revenue was up 29.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.10 earnings per share.

Patrick Industries (PATK) traded down 2.22% during mid-day trading on Thursday, hitting $74.85. The company had a trading volume of 152,999 shares. The company’s 50 day moving average price is $74.68 and its 200-day moving average price is $73.65. Patrick Industries has a one year low of $50.80 and a one year high of $86.10. The company has a market cap of $1.25 billion, a PE ratio of 19.13 and a beta of 0.91.

Several analysts have weighed in on PATK shares. Bank of America Corporation started coverage on Patrick Industries in a report on Monday, April 17th. They issued a “buy” rating and a $80.00 target price on the stock. BidaskClub raised Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, June 9th. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Tuesday, May 23rd. Wells Fargo & Company reissued a “market perform” rating and issued a $75.00 target price (up previously from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Finally, Robert W. Baird started coverage on Patrick Industries in a report on Friday, April 21st. They issued an “outperform” rating and a $74.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $76.00.

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In related news, Director M Scott Welch bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were acquired at an average cost of $66.50 per share, for a total transaction of $332,500.00. Following the acquisition, the director now directly owns 24,908 shares of the company’s stock, valued at approximately $1,656,382. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 6.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Aperio Group LLC increased its position in shares of Patrick Industries by 2.9% in the second quarter. Aperio Group LLC now owns 3,064 shares of the construction company’s stock worth $223,000 after buying an additional 85 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its position in shares of Patrick Industries by 13.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 3,760 shares of the construction company’s stock worth $274,000 after buying an additional 450 shares in the last quarter. Nuveen Asset Management LLC increased its position 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 increased its position 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. Finally, Public Employees Retirement System of Ohio increased its position 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. Institutional investors and hedge funds own 90.74% of the company’s stock.

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.

Earnings History for Patrick Industries (NASDAQ:PATK)

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