Zacks: Analysts Expect Patrick Industries, Inc. (PATK) Will Announce Quarterly Sales of $602.58 Million

Wall Street analysts predict that Patrick Industries, Inc. (NASDAQ:PATK) will post sales of $602.58 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Patrick Industries’ earnings, with the highest sales estimate coming in at $612.60 million and the lowest estimate coming in at $592.56 million. Patrick Industries posted sales of $551.83 million in the same quarter last year, which indicates a positive year over year growth rate of 9.2%. The firm is expected to report its next quarterly earnings report on Thursday, April 25th.

According to Zacks, analysts expect that Patrick Industries will report full-year sales of $2.51 billion for the current financial year, with estimates ranging from $2.45 billion to $2.56 billion. For the next financial year, analysts expect that the company will report sales of $2.61 billion, with estimates ranging from $2.52 billion to $2.70 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Patrick Industries.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 14th. The construction company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.21. Patrick Industries had a return on equity of 28.26% and a net margin of 5.30%. The company had revenue of $531.00 million for the quarter, compared to analysts’ expectations of $519.00 million. During the same quarter in the prior year, the business posted $0.87 EPS. The business’s revenue was up 11.6% compared to the same quarter last year.

A number of brokerages have recently issued reports on PATK. KeyCorp upped their price objective on Patrick Industries from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research note on Thursday, February 14th. Wells Fargo & Co dropped their price objective on Patrick Industries from $67.00 to $30.00 and set a “market perform” rating on the stock in a research note on Tuesday, December 18th. TheStreet cut Patrick Industries from a “b-” rating to a “c+” rating in a research note on Wednesday, December 12th. Finally, Zacks Investment Research cut Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $62.80.

In related news, insider Courtney Blosser sold 2,993 shares of the business’s stock in a transaction that occurred on Thursday, December 6th. The stock was sold at an average price of $36.04, for a total transaction of $107,867.72. Following the transaction, the insider now directly owns 39,372 shares of the company’s stock, valued at approximately $1,418,966.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey L. Et Al Gendell sold 222,347 shares of the business’s stock in a transaction that occurred on Monday, December 17th. The stock was sold at an average price of $30.34, for a total value of $6,746,007.98. The disclosure for this sale can be found here. Insiders have sold a total of 356,737 shares of company stock worth $11,131,139 over the last three months. 5.60% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the stock. PRW Wealth Management LLC acquired a new position in shares of Patrick Industries during the 4th quarter worth approximately $25,000. Oppenheimer Asset Management Inc. acquired a new position in Patrick Industries in the 4th quarter valued at $30,000. First Hawaiian Bank acquired a new position in Patrick Industries in the 3rd quarter valued at $167,000. Quantamental Technologies LLC acquired a new position in Patrick Industries in the 4th quarter valued at $100,000. Finally, Wakefield Asset Management LLLP acquired a new position in Patrick Industries in the 3rd quarter valued at $212,000. 89.92% of the stock is currently owned by institutional investors and hedge funds.

Shares of Patrick Industries stock traded up $0.24 on Thursday, reaching $47.04. 246,916 shares of the company were exchanged, compared to its average volume of 339,854. Patrick Industries has a one year low of $27.32 and a one year high of $67.60. The stock has a market cap of $1.13 billion, a P/E ratio of 10.12, a P/E/G ratio of 0.67 and a beta of 1.94. The company has a quick ratio of 0.71, a current ratio of 2.44 and a debt-to-equity ratio of 1.52.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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