Q1 2024 Earnings Forecast for Patrick Industries, Inc. (NASDAQ:PATK) Issued By Roth Capital

Patrick Industries, Inc. (NASDAQ:PATKFree Report) – Equities researchers at Roth Capital reduced their Q1 2024 earnings per share (EPS) estimates for Patrick Industries in a note issued to investors on Friday, February 9th. Roth Capital analyst S. Stember now forecasts that the construction company will post earnings of $1.40 per share for the quarter, down from their previous estimate of $1.58. The consensus estimate for Patrick Industries’ current full-year earnings is $8.03 per share. Roth Capital also issued estimates for Patrick Industries’ FY2024 earnings at $8.14 EPS, Q1 2025 earnings at $1.77 EPS, Q2 2025 earnings at $2.20 EPS, Q3 2025 earnings at $3.11 EPS, Q4 2025 earnings at $2.78 EPS and FY2025 earnings at $9.85 EPS.

Patrick Industries (NASDAQ:PATKGet Free Report) last released its earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.10. The company had revenue of $781.20 million for the quarter, compared to the consensus estimate of $780.97 million. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. Patrick Industries’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.82 earnings per share.

Several other equities research analysts have also recently issued reports on the company. BMO Capital Markets assumed coverage on Patrick Industries in a report on Thursday, December 7th. They issued an “outperform” rating and a $105.00 target price on the stock. Truist Financial boosted their price objective on Patrick Industries from $95.00 to $125.00 and gave the stock a “buy” rating in a research note on Tuesday, January 9th. Roth Mkm boosted their price objective on Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday. KeyCorp boosted their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, StockNews.com lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, January 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.29.

Get Our Latest Analysis on PATK

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $112.50 on Monday. The stock’s 50-day simple moving average is $97.96 and its 200-day simple moving average is $85.84. Patrick Industries has a 52 week low of $63.57 and a 52 week high of $113.59. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of 17.28 and a beta of 1.71. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th will be given a dividend of $0.55 per share. The ex-dividend date is Friday, February 16th. This represents a $2.20 annualized dividend and a dividend yield of 1.96%. Patrick Industries’s dividend payout ratio (DPR) is presently 33.79%.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $87.00, for a total value of $1,305,000.00. Following the transaction, the chief executive officer now owns 302,013 shares of the company’s stock, valued at $26,275,131. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $87.00, for a total transaction of $1,305,000.00. Following the sale, the chief executive officer now owns 302,013 shares of the company’s stock, valued at approximately $26,275,131. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd M. Cleveland sold 2,500 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $83.57, for a total value of $208,925.00. Following the sale, the director now directly owns 88,690 shares in the company, valued at approximately $7,411,823.30. The disclosure for this sale can be found here. Insiders have sold a total of 85,500 shares of company stock valued at $7,762,805 over the last quarter. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of Patrick Industries

Several hedge funds and other institutional investors have recently bought and sold shares of PATK. US Bancorp DE lifted its holdings in shares of Patrick Industries by 1.3% during the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after purchasing an additional 95 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Patrick Industries by 3.9% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 5,098 shares of the construction company’s stock valued at $512,000 after purchasing an additional 190 shares during the last quarter. Norges Bank purchased a new stake in shares of Patrick Industries during the 4th quarter valued at $14,782,000. Janney Montgomery Scott LLC lifted its holdings in shares of Patrick Industries by 457.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 17,685 shares of the construction company’s stock valued at $1,774,000 after purchasing an additional 14,510 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Patrick Industries by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock valued at $144,828,000 after purchasing an additional 21,735 shares during the last quarter. Institutional investors own 93.18% of the company’s stock.

About Patrick Industries

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Patrick Industries, Inc manufactures and distributes components, building 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.

See Also

Earnings History and Estimates for Patrick Industries (NASDAQ:PATK)

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