Patrick Industries (PATK) Scheduled to Post Earnings on Wednesday

Patrick Industries (NASDAQ:PATK) is scheduled to release its earnings data before the market opens on Wednesday, February 14th. Analysts expect Patrick Industries to post earnings of $1.07 per share for the quarter.

Patrick Industries (NASDAQ PATK) opened at $60.75 on Wednesday. Patrick Industries has a one year low of $40.07 and a one year high of $72.35. The company has a quick ratio of 1.00, a current ratio of 2.23 and a debt-to-equity ratio of 0.72. The company has a market cap of $1,545.51, a price-to-earnings ratio of 20.84, a PEG ratio of 1.28 and a beta of 0.84.

Patrick Industries declared that its Board of Directors has approved a share buyback plan on Tuesday, January 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

In related news, Director Joseph M. Cerulli sold 3,223 shares of Patrick Industries stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $97.64, for a total transaction of $314,693.72. Following the sale, the director now owns 25,237 shares of the company’s stock, valued at approximately $2,464,140.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jeff Rodino sold 3,511 shares of Patrick Industries stock in a transaction on Monday, December 4th. The stock was sold at an average price of $102.22, for a total transaction of $358,894.42. Following the sale, the executive vice president now directly owns 75,315 shares in the company, valued at approximately $7,698,699.30. The disclosure for this sale can be found here. Insiders have sold a total of 25,234 shares of company stock worth $2,485,568 in the last ninety days. 5.20% of the stock is currently owned by insiders.

A number of brokerages have recently commented on PATK. BidaskClub downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Saturday. Robert W. Baird reissued a “buy” rating on shares of Patrick Industries in a research note on Thursday, October 12th. Bank of America raised their target price on shares of Patrick Industries from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. ValuEngine raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research note on Monday, December 11th. Finally, Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Thursday, October 26th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Patrick Industries currently has a consensus rating of “Buy” and a consensus target price of $72.40.

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About Patrick Industries

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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