Patrick Industries, Inc. (PATK) Expected to Post Quarterly Sales of $565.23 Million

Share on StockTwits

Equities research analysts predict that Patrick Industries, Inc. (NASDAQ:PATK) will post $565.23 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for Patrick Industries’ earnings, with estimates ranging from $534.03 million to $583.00 million. Patrick Industries posted sales of $407.51 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 38.7%. The business is expected to issue its next earnings results before the market opens on Thursday, October 25th.

According to Zacks, analysts expect that Patrick Industries will report full-year sales of $2.32 billion for the current financial year, with estimates ranging from $2.30 billion to $2.34 billion. For the next fiscal year, analysts expect that the business will post sales of $2.55 billion, with estimates ranging from $2.52 billion to $2.57 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Patrick Industries.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 26th. The construction company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.21. Patrick Industries had a return on equity of 27.49% and a net margin of 5.49%. The business had revenue of $604.88 million during the quarter, compared to analysts’ expectations of $553.60 million. During the same quarter last year, the business posted $1.23 EPS. The business’s revenue was up 48.6% on a year-over-year basis.

Several equities research analysts have weighed in on the company. BidaskClub upgraded Patrick Industries from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a report on Friday, July 27th. Finally, ValuEngine cut Patrick Industries from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $73.20.

In other news, Director Walter E. Wells sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $64.10, for a total value of $256,400.00. Following the completion of the transaction, the director now owns 61,030 shares of the company’s stock, valued at approximately $3,912,023. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.60% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new position in shares of Patrick Industries in the 2nd quarter worth approximately $117,000. First Hawaiian Bank bought a new position in shares of Patrick Industries in the 3rd quarter worth approximately $167,000. Edge Wealth Management LLC raised its position in shares of Patrick Industries by 7,692.3% in the 2nd quarter. Edge Wealth Management LLC now owns 3,039 shares of the construction company’s stock worth $173,000 after acquiring an additional 3,000 shares in the last quarter. Sei Investments Co. raised its position in shares of Patrick Industries by 124.5% in the 1st quarter. Sei Investments Co. now owns 3,374 shares of the construction company’s stock worth $209,000 after acquiring an additional 1,871 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new position in shares of Patrick Industries in the 1st quarter worth approximately $214,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

NASDAQ PATK opened at $52.08 on Friday. Patrick Industries has a fifty-two week low of $50.23 and a fifty-two week high of $72.35. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.23 and a quick ratio of 0.87. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 0.84 and a beta of 0.82.

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.

Further Reading: How to Invest in Marijuana Stocks

Get a free copy of the Zacks research report on Patrick Industries (PATK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Yu Darvish Receives Cortisone Shot for Elbow Impingement
Yu Darvish Receives Cortisone Shot for Elbow Impingement
Red Sox and Brandon Phillips Agree to Minor League Deal
Red Sox and Brandon Phillips Agree to Minor League Deal
Chris Sale Proves He is 2018 AL Cy Young Candidate
Chris Sale Proves He is 2018 AL Cy Young Candidate
Strong Results by Clint Frazier Could Keep Him with Yankees
Strong Results by Clint Frazier Could Keep Him with Yankees
Giants Closer Breaks Hand Punching Door Following Poor Outing
Giants Closer Breaks Hand Punching Door Following Poor Outing
Evan Longoria Out Six to Eight Weeks With Broken Hand
Evan Longoria Out Six to Eight Weeks With Broken Hand


Leave a Reply

 
© 2006-2018 BBNS.