Patrick Industries (PATK) Posts Earnings Results, Beats Estimates By $0.25 EPS
Patrick Industries (NASDAQ:PATK) issued its quarterly earnings data on Wednesday. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.25, MarketWatch Earnings reports. Patrick Industries had a return on equity of 23.60% and a net margin of 5.24%. The company had revenue of $551.83 million during the quarter, compared to the consensus estimate of $477.65 million. During the same period last year, the company earned $0.92 earnings per share. The firm’s revenue was up 59.8% compared to the same quarter last year.
PATK stock traded up $6.45 during mid-day trading on Thursday, reaching $60.10. The company’s stock had a trading volume of 837,742 shares, compared to its average volume of 273,283. The company has a market cap of $1,329.52, a P/E ratio of 16.46, a PEG ratio of 1.07 and a beta of 0.83. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.72 and a current ratio of 2.01. Patrick Industries has a 12 month low of $42.77 and a 12 month high of $72.35.
Patrick Industries announced that its Board of Directors has authorized a share buyback program on Tuesday, January 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
A number of brokerages have recently issued reports on PATK. Zacks Investment Research downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, February 14th. BidaskClub downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 3rd. Bank of America lifted their target price on Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Wells Fargo lowered their target price on Patrick Industries from $75.00 to $66.00 and set a “market perform” rating for the company in a report on Tuesday, April 10th. They noted that the move was a valuation call. Finally, Robert W. Baird reiterated a “buy” rating on shares of Patrick Industries in a report on Friday, February 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. Patrick Industries currently has an average rating of “Buy” and a consensus target price of $74.60.
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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