Patrick Industries, Inc. (PATK) Expected to Announce Quarterly Sales of $415.57 Million
Wall Street analysts forecast that Patrick Industries, Inc. (NASDAQ:PATK) will post sales of $415.57 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Patrick Industries’ earnings. The highest sales estimate is $423.30 million and the lowest is $401.47 million. Patrick Industries reported sales of $323.94 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 28.3%. The company is expected to announce its next quarterly earnings results on Thursday, February 15th.
On average, analysts expect that Patrick Industries will report full-year sales of $415.57 million for the current year, with estimates ranging from $1.56 billion to $1.58 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.93 billion per share, with estimates ranging from $1.93 billion to $1.94 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Patrick Industries.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 26th. The construction company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.62 by $0.10. Patrick Industries had a return on equity of 24.60% and a net margin of 4.73%. The company had revenue of $407.50 million for the quarter, compared to analyst estimates of $371.98 million. During the same period last year, the company posted $0.53 earnings per share. The firm’s revenue was up 34.0% compared to the same quarter last year.
In related news, CEO Todd M. Cleveland sold 10,000 shares of Patrick Industries stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $89.87, for a total value of $898,700.00. Following the completion of the transaction, the chief executive officer now directly owns 340,827 shares in the company, valued at $30,630,122.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Forbes sold 1,000 shares of Patrick Industries stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $65.80, for a total value of $65,800.00. The disclosure for this sale can be found here. Insiders have sold 60,234 shares of company stock valued at $5,623,018 over the last 90 days. Insiders own 5.20% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. California Public Employees Retirement System grew its stake in Patrick Industries by 0.3% in the second quarter. California Public Employees Retirement System now owns 33,000 shares of the construction company’s stock worth $2,404,000 after purchasing an additional 100 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in Patrick Industries by 13.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after acquiring an additional 168 shares during the period. Pinebridge Investments L.P. boosted its stake in Patrick Industries by 10.0% in the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock valued at $153,000 after acquiring an additional 191 shares during the period. Advisor Group Inc. boosted its stake in Patrick Industries by 12.1% in the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock valued at $168,000 after acquiring an additional 247 shares during the period. Finally, Nationwide Fund Advisors boosted its stake in Patrick Industries by 3.2% in the second quarter. Nationwide Fund Advisors now owns 8,973 shares of the construction company’s stock valued at $654,000 after acquiring an additional 281 shares during the period. Institutional investors and hedge funds own 59.53% of the company’s stock.
Patrick Industries (PATK) opened at $65.10 on Thursday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.23 and a quick ratio of 1.00. Patrick Industries has a 52-week low of $40.07 and a 52-week high of $71.13. The company has a market capitalization of $1,683.03, a PE ratio of 22.35, a price-to-earnings-growth ratio of 1.60 and a beta of 0.98.
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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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