Patrick Industries, Inc. (NASDAQ:PATK) released its earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.12, MarketWatch Earnings reports. The firm had revenue of $407.20 million during the quarter, compared to the consensus estimate of $384.54 million. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The firm’s revenue for the quarter was up 29.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.10 earnings per share.
Patrick Industries (NASDAQ PATK) traded up 1.24% during trading on Friday, hitting $73.35. 44,473 shares of the stock were exchanged. Patrick Industries has a 12-month low of $50.80 and a 12-month high of $86.10. The stock has a 50 day moving average price of $74.73 and a 200-day moving average price of $73.45. The firm has a market capitalization of $1.20 billion, a PE ratio of 17.93 and a beta of 0.92.
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In related news, Director M Scott Welch bought 5,000 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was acquired at an average cost of $66.50 per share, for a total transaction of $332,500.00. Following the completion of the transaction, the director now directly owns 24,908 shares in the company, valued at approximately $1,656,382. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 6.20% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in PATK. GW&K Investment Management LLC bought a new stake in shares of Patrick Industries during the second quarter valued at about $22,840,000. State of New Jersey Common Pension Fund D raised its stake in shares of Patrick Industries by 8.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 400,000 shares of the construction company’s stock valued at $29,140,000 after buying an additional 30,000 shares during the last quarter. New Amsterdam Partners LLC NY raised its stake in shares of Patrick Industries by 44.1% in the second quarter. New Amsterdam Partners LLC NY now owns 95,816 shares of the construction company’s stock valued at $6,980,000 after buying an additional 29,323 shares during the last quarter. Algert Global LLC raised its stake in shares of Patrick Industries by 386.1% in the second quarter. Algert Global LLC now owns 27,826 shares of the construction company’s stock valued at $2,027,000 after buying an additional 22,102 shares during the last quarter. Finally, Essex Investment Management Co. LLC raised its stake in shares of Patrick Industries by 41.6% in the second quarter. Essex Investment Management Co. LLC now owns 33,693 shares of the construction company’s stock valued at $2,455,000 after buying an additional 9,896 shares during the last quarter. Institutional investors and hedge funds own 90.58% of the company’s stock.
Several research analysts have issued reports on the company. BidaskClub cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $75.00 price target (up previously from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Tuesday, May 23rd. Robert W. Baird began coverage on shares of Patrick Industries in a research note on Friday, April 21st. They set an “outperform” rating and a $74.00 target price on the stock. Finally, Bank of America Corporation began coverage on shares of Patrick Industries in a research note on Monday, April 17th. They set a “buy” rating and a $80.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $76.00.
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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