Patrick Industries (NASDAQ:PATK) posted its quarterly earnings results on Thursday. The construction company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.14, Briefing.com reports. Patrick Industries had a net margin of 4.73% and a return on equity of 24.60%. The company had revenue of $475.57 million during the quarter, compared to analyst estimates of $415.87 million. During the same period last year, the firm posted $0.59 EPS. Patrick Industries’s revenue for the quarter was up 46.8% compared to the same quarter last year.
Patrick Industries (PATK) traded up $1.70 during trading hours on Thursday, hitting $64.45. 332,700 shares of the stock traded hands, compared to its average volume of 262,882. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.00 and a current ratio of 2.23. The stock has a market cap of $1,583.36, a price-to-earnings ratio of 22.12, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84. Patrick Industries has a 52-week low of $40.07 and a 52-week high of $72.35.
Patrick Industries declared that its board has authorized a stock repurchase plan on Tuesday, January 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in Patrick Industries by 53.7% in the 4th quarter. BlackRock Inc. now owns 2,975,758 shares of the construction company’s stock worth $206,667,000 after acquiring an additional 1,039,798 shares in the last quarter. Gendell Jeffrey L increased its holdings in Patrick Industries by 41.2% in the 4th quarter. Gendell Jeffrey L now owns 1,232,158 shares of the construction company’s stock worth $85,573,000 after acquiring an additional 359,661 shares in the last quarter. Vanguard Group Inc. increased its holdings in Patrick Industries by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 812,130 shares of the construction company’s stock worth $59,164,000 after acquiring an additional 24,830 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Patrick Industries by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 675,042 shares of the construction company’s stock worth $56,771,000 after acquiring an additional 2,083 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Patrick Industries by 10.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 504,262 shares of the construction company’s stock worth $35,021,000 after acquiring an additional 49,516 shares in the last quarter. 61.29% of the stock is owned by institutional investors.
A number of equities analysts have issued reports on PATK shares. Robert W. Baird reissued a “buy” rating and set a $72.00 price target on shares of Patrick Industries in a research report on Friday, December 22nd. BidaskClub raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Wells Fargo & Co reissued a “market perform” rating and set a $66.00 price target (down from $90.00) on shares of Patrick Industries in a research report on Thursday, December 14th. Bank of America lifted their target price on shares of Patrick Industries from $56.67 to $62.00 and gave the company a “buy” rating in a report on Tuesday, October 24th. Finally, Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Thursday, October 26th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $73.60.
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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.
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