$555.80 Million in Sales Expected for Patrick Industries, Inc. (PATK) This Quarter
Wall Street analysts expect that Patrick Industries, Inc. (NASDAQ:PATK) will announce sales of $555.80 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Patrick Industries’ earnings. The lowest sales estimate is $541.50 million and the highest is $569.41 million. Patrick Industries reported sales of $407.15 million during the same quarter last year, which indicates a positive year over year growth rate of 36.5%. The company is expected to announce its next earnings report on Thursday, July 26th.
According to Zacks, analysts expect that Patrick Industries will report full year sales of $2.17 billion for the current financial year, with estimates ranging from $2.12 billion to $2.21 billion. For the next financial year, analysts expect that the business will post sales of $2.32 billion per share, with estimates ranging from $2.30 billion to $2.34 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Patrick Industries.
Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, April 26th. The construction company reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.25. The company had revenue of $551.83 million during the quarter, compared to analyst estimates of $477.65 million. Patrick Industries had a return on equity of 25.30% and a net margin of 5.34%. The business’s revenue was up 59.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.92 earnings per share.
In related news, insider Courtney Blosser sold 2,000 shares of the stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $67.32, for a total value of $134,640.00. Following the completion of the transaction, the insider now directly owns 41,965 shares of the company’s stock, valued at approximately $2,825,083.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director M Scott Welch acquired 1,272 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was acquired at an average cost of $62.47 per share, with a total value of $79,461.84. The disclosure for this purchase can be found here. Insiders have bought 14,322 shares of company stock valued at $855,667 over the last ninety days. Corporate insiders own 5.60% of the company’s stock.
A number of hedge funds have recently modified their holdings of PATK. BlackRock Inc. grew its holdings in Patrick Industries by 53.7% in the 4th quarter. BlackRock Inc. now owns 2,975,758 shares of the construction company’s stock worth $206,667,000 after buying an additional 1,039,798 shares in the last quarter. Gendell Jeffrey L grew its holdings in Patrick Industries by 41.2% in the 4th quarter. Gendell Jeffrey L now owns 1,232,158 shares of the construction company’s stock worth $85,573,000 after buying an additional 359,661 shares in the last quarter. Matarin Capital Management LLC bought a new position in Patrick Industries in the 1st quarter worth approximately $13,523,000. Wells Fargo & Company MN grew its holdings in Patrick Industries by 111.5% in the 1st quarter. Wells Fargo & Company MN now owns 299,289 shares of the construction company’s stock worth $18,512,000 after buying an additional 157,754 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its holdings in Patrick Industries by 178.4% in the 4th quarter. Driehaus Capital Management LLC now owns 244,859 shares of the construction company’s stock worth $17,005,000 after buying an additional 156,901 shares in the last quarter. 89.52% of the stock is owned by institutional investors and hedge funds.
Patrick Industries opened at $59.90 on Thursday, MarketBeat Ratings reports. The company has a market cap of $1.44 billion, a PE ratio of 18.30, a P/E/G ratio of 1.01 and a beta of 0.80. Patrick Industries has a 52 week low of $58.25 and a 52 week high of $59.60. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.01 and a quick ratio of 0.86.
Patrick Industries declared that its board has approved a stock buyback plan on Tuesday, January 30th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
About Patrick Industries
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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