Patrick Industries (NASDAQ:PATK) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Patrick Industries (NASDAQ:PATK) posted its earnings results on Thursday. The construction company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02, Zacks reports. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%.

Patrick Industries Stock Down 1.7 %

Shares of Patrick Industries stock traded down $1.62 on Thursday, reaching $96.07. 168,644 shares of the company were exchanged, compared to its average volume of 365,895. The company has a 50-day moving average of $89.02 and a 200 day moving average of $88.38. Patrick Industries has a one year low of $67.10 and a one year high of $98.90. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 20.72, a PEG ratio of 1.46 and a beta of 2.26. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

Patrick Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were paid a $0.40 dividend. The ex-dividend date was Monday, November 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.67%. Patrick Industries’s dividend payout ratio is 34.48%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the sale, the chief executive officer now owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PATK. KeyCorp raised their price target on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Raymond James lowered their target price on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research note on Friday, November 1st. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Truist Financial reduced their price target on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Finally, Benchmark reaffirmed a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.63.

About Patrick Industries

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.