Patrick Industries (NASDAQ:PATK) issued its earnings results on Thursday. The construction company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.02, MarketWatch Earnings reports. Patrick Industries had a return on equity of 28.26% and a net margin of 5.30%. The business had revenue of $608.20 million during the quarter, compared to analyst estimates of $595.67 million. During the same period in the previous year, the company posted $1.20 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year.
PATK stock traded down $3.29 during midday trading on Thursday, reaching $52.13. 46,342 shares of the company’s stock traded hands, compared to its average volume of 236,145. The company has a debt-to-equity ratio of 1.52, a current ratio of 2.44 and a quick ratio of 0.71. Patrick Industries has a 52 week low of $27.32 and a 52 week high of $67.50. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 1.03 and a beta of 1.91.
PATK has been the subject of a number of recent research reports. BidaskClub raised Patrick Industries from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 9th. KeyCorp boosted their target price on shares of Patrick Industries from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, February 19th. Wells Fargo & Co boosted their target price on shares of Patrick Industries from $30.00 to $49.00 and gave the company a “market perform” rating in a report on Wednesday, February 27th. ValuEngine raised shares of Patrick Industries from a “strong sell” rating to a “sell” rating in a report on Friday, March 1st. Finally, Zacks Investment Research raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, March 13th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $58.60.
Several institutional investors have recently added to or reduced their stakes in PATK. Norges Bank bought a new position in shares of Patrick Industries in the fourth quarter worth $7,140,000. Deutsche Bank AG increased its holdings in shares of Patrick Industries by 112.7% in the fourth quarter. Deutsche Bank AG now owns 431,100 shares of the construction company’s stock worth $12,763,000 after purchasing an additional 228,424 shares during the period. LSV Asset Management bought a new position in shares of Patrick Industries in the fourth quarter worth $3,543,000. QS Investors LLC increased its holdings in shares of Patrick Industries by 171.5% in the fourth quarter. QS Investors LLC now owns 132,412 shares of the construction company’s stock worth $3,921,000 after purchasing an additional 83,644 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of Patrick Industries by 65.4% in the fourth quarter. American Century Companies Inc. now owns 148,769 shares of the construction company’s stock worth $4,405,000 after purchasing an additional 58,809 shares during the period. 89.57% of the stock is currently owned by hedge funds and other institutional investors.
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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; decorative vinyl and paper laminated panels; 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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