Q2 2024 Earnings Forecast for Patrick Industries, Inc. Issued By Roth Capital (NASDAQ:PATK)

Patrick Industries, Inc. (NASDAQ:PATK) – Investment analysts at Roth Capital lowered their Q2 2024 EPS estimates for Patrick Industries in a research note issued on Monday, May 6th. Roth Capital analyst S. Stember now forecasts that the construction company will earn $1.99 per share for the quarter, down from their previous forecast of $2.12. The consensus estimate for Patrick Industries’ current full-year earnings is $8.05 per share. Roth Capital also issued estimates for Patrick Industries’ FY2024 earnings at $8.38 EPS and Q1 2025 earnings at $2.13 EPS.

Several other research firms have also weighed in on PATK. Roth Mkm reaffirmed a “buy” rating and issued a $126.00 target price (up previously from $120.00) on shares of Patrick Industries in a report on Monday. BMO Capital Markets raised their price objective on shares of Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Truist Financial reissued a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a report on Friday, April 12th. KeyCorp lifted their price objective on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Finally, StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $106.71.

Patrick Industries Stock Performance

Patrick Industries stock opened at $114.55 on Wednesday. The firm has a market capitalization of $2.57 billion, a P/E ratio of 16.97 and a beta of 1.73. The stock has a fifty day moving average price of $112.03 and a two-hundred day moving average price of $100.19. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $123.58. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.38 and a quick ratio of 0.96.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.47. The company had revenue of $933.50 million for the quarter, compared to analyst estimates of $829.22 million. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The company’s revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.35 EPS.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE grew its position in shares of Patrick Industries by 1.3% during the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock worth $770,000 after buying an additional 95 shares during the period. SummerHaven Investment Management LLC increased its stake in Patrick Industries by 1.4% in the fourth quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock valued at $880,000 after purchasing an additional 117 shares in the last quarter. FORA Capital LLC boosted its position in shares of Patrick Industries by 2.9% during the first quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock worth $537,000 after purchasing an additional 128 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Patrick Industries by 4.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 4,850 shares of the construction company’s stock valued at $364,000 after buying an additional 199 shares during the period. Finally, Texas Permanent School Fund Corp increased its position in shares of Patrick Industries by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 18,209 shares of the construction company’s stock valued at $2,175,000 after buying an additional 236 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insider Activity

In related news, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the sale, the director now directly owns 8,553 shares in the company, valued at $948,271.11. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the transaction, the director now directly owns 8,553 shares in the company, valued at $948,271.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Andy L. Nemeth sold 5,000 shares of Patrick Industries stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $116.50, for a total transaction of $582,500.00. Following the sale, the chief executive officer now directly owns 284,619 shares of the company’s stock, valued at approximately $33,158,113.50. The disclosure for this sale can be found here. Insiders have sold 48,873 shares of company stock valued at $5,681,957 over the last 90 days. 4.70% of the stock is owned by company insiders.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.