Zacks: Brokerages Anticipate Patrick Industries, Inc. (PATK) to Post $0.85 EPS

Wall Street analysts expect that Patrick Industries, Inc. (NASDAQ:PATK) will post $0.85 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Patrick Industries’ earnings, with the highest EPS estimate coming in at $0.93 and the lowest estimate coming in at $0.72. Patrick Industries posted earnings per share of $0.75 during the same quarter last year, which indicates a positive year-over-year growth rate of 13.3%. The company is expected to issue its next earnings results on Thursday, April 26th.

On average, analysts expect that Patrick Industries will report full-year earnings of $3.68 per share for the current year, with EPS estimates ranging from $3.27 to $3.95. For the next fiscal year, analysts expect that the firm will post earnings of $4.31 per share, with EPS estimates ranging from $4.05 to $4.52. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover Patrick Industries.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 15th. The construction company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.14. The firm had revenue of $475.57 million during the quarter, compared to analysts’ expectations of $415.87 million. Patrick Industries had a net margin of 5.24% and a return on equity of 23.60%. The business’s revenue for the quarter was up 46.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.59 earnings per share.

A number of brokerages recently issued reports on PATK. Zacks Investment Research lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. BidaskClub upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Thursday. Robert W. Baird reiterated a “buy” rating on shares of Patrick Industries in a report on Friday. Bank of America raised their price objective on shares of Patrick Industries from $56.67 to $62.00 and gave the company a “buy” rating in a report on Tuesday, October 24th. Finally, Wells Fargo & Co reiterated a “market perform” rating and issued a $66.00 price objective (down previously from $90.00) on shares of Patrick Industries in a report on Thursday, December 14th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $73.60.

In related news, Director Joseph M. Cerulli sold 3,223 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $97.64, for a total value of $314,693.72. Following the completion of the transaction, the director now owns 25,237 shares in the company, valued at approximately $2,464,140.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John A. Forbes sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $65.80, for a total transaction of $65,800.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,234 shares of company stock valued at $2,485,568. 5.20% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. raised its holdings in Patrick Industries by 13.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after purchasing an additional 168 shares during the last quarter. Advisor Group Inc. raised its holdings in Patrick Industries by 12.1% during the 2nd quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock worth $168,000 after purchasing an additional 247 shares during the last quarter. Catalyst Capital Advisors LLC bought a new position in Patrick Industries during the 4th quarter worth approximately $160,000. 361 Capital LLC bought a new position in Patrick Industries during the 3rd quarter worth approximately $206,000. Finally, UBS Asset Management Americas Inc. bought a new position in Patrick Industries during the 2nd quarter worth approximately $202,000. Hedge funds and other institutional investors own 75.89% of the company’s stock.

Patrick Industries (PATK) opened at $66.05 on Monday. The company has a market cap of $1,666.63, a PE ratio of 18.98, a PEG ratio of 1.37 and a beta of 0.84. Patrick Industries has a fifty-two week low of $40.07 and a fifty-two week high of $72.35. The company has a quick ratio of 0.72, a current ratio of 2.01 and a debt-to-equity ratio of 0.91.

Patrick Industries declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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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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