Patrick Industries, Inc. (NASDAQ:PATK) Releases Earnings Results, Beats Estimates By $0.15 EPS

Patrick Industries, Inc. (NASDAQ:PATK) announced its earnings results on Thursday, October 26th. The construction company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.15, MarketWatch Earnings reports. Patrick Industries had a return on equity of 24.60% and a net margin of 4.73%. The firm had revenue of $407.50 million during the quarter, compared to analysts’ expectations of $371.98 million. During the same quarter in the prior year, the business earned $0.79 earnings per share. The company’s revenue was up 34.0% on a year-over-year basis.

Patrick Industries (NASDAQ PATK) traded down $0.45 during mid-day trading on Friday, hitting $87.40. The company had a trading volume of 51,600 shares, compared to its average volume of 120,407. The firm has a market cap of $1,477.80, a price-to-earnings ratio of 20.10, a PEG ratio of 1.84 and a beta of 0.99. Patrick Industries has a 1-year low of $59.55 and a 1-year high of $96.25. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.23 and a quick ratio of 1.00.

PATK has been the subject of several research reports. Zacks Investment Research lowered Patrick Industries from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. Bank of America Corporation raised their target price on Patrick Industries from $85.00 to $93.00 and gave the company a “buy” rating in a research note on Tuesday, October 24th. Finally, Robert W. Baird reiterated a “buy” rating on shares of Patrick Industries in a report on Thursday, October 12th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $84.50.

In other Patrick Industries news, Director Jeffrey L. Et Al Gendell sold 26,058 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $85.70, for a total value of $2,233,170.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey L. Et Al Gendell sold 25,000 shares of the company’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $89.55, for a total value of $2,238,750.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 230,546 shares of company stock valued at $19,248,750. Corporate insiders own 6.20% of the company’s stock.

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Patrick Industries Company Profile

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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