Patrick Industries (NASDAQ:PATK) issued its earnings results on Thursday. The construction company reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.12, Fidelity Earnings reports. Patrick Industries had a net margin of 4.16% and a return on equity of 20.73%. The firm had revenue of $549.50 million during the quarter, compared to analyst estimates of $535.56 million. During the same quarter in the prior year, the business earned $0.96 earnings per share. Patrick Industries’s revenue for the quarter was up 3.4% on a year-over-year basis.
Patrick Industries stock traded down $1.60 during mid-day trading on Friday, reaching $61.41. 270,307 shares of the company’s stock traded hands, compared to its average volume of 161,842. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 2.11 and a beta of 2.16. The stock has a 50 day moving average of $53.69 and a two-hundred day moving average of $47.04. The company has a quick ratio of 1.31, a current ratio of 2.61 and a debt-to-equity ratio of 1.51. Patrick Industries has a 12-month low of $32.98 and a 12-month high of $64.38.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Thursday, January 9th. TheStreet upgraded shares of Patrick Industries from a “c+” rating to a “b-” rating in a research report on Monday. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, December 4th. ValuEngine raised shares of Patrick Industries from a “strong sell” rating to a “sell” rating in a research note on Tuesday, February 4th. Finally, Robert W. Baird upped their price target on shares of Patrick Industries from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Patrick Industries currently has an average rating of “Hold” and a consensus price target of $54.20.
In other news, Chairman Todd M. Cleveland sold 10,000 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $60.67, for a total value of $606,700.00. Following the sale, the chairman now owns 605,329 shares of the company’s stock, valued at $36,725,310.43. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Todd M. Cleveland sold 3,222 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $52.75, for a total transaction of $169,960.50. Following the completion of the sale, the chief executive officer now directly owns 631,951 shares in the company, valued at approximately $33,335,415.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 98,087 shares of company stock worth $5,327,618. 7.60% of the stock is owned by insiders.
Patrick Industries Company Profile
Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.
Featured Story: What is the price-to-earnings growth (PEG) ratio?
Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.