FY2024 EPS Estimates for Patrick Industries, Inc. (NASDAQ:PATK) Lowered by Analyst

Patrick Industries, Inc. (NASDAQ:PATK) – Analysts at Roth Capital reduced their FY2024 earnings estimates for Patrick Industries in a research note issued to investors on Monday, October 7th. Roth Capital analyst S. Stember now forecasts that the construction company will post earnings of $7.09 per share for the year, down from their previous estimate of $7.15. The consensus estimate for Patrick Industries’ current full-year earnings is $7.31 per share. Roth Capital also issued estimates for Patrick Industries’ Q4 2024 earnings at $1.32 EPS, Q1 2025 earnings at $2.07 EPS, Q3 2025 earnings at $2.39 EPS, Q4 2025 earnings at $1.80 EPS, FY2025 earnings at $8.79 EPS and FY2026 earnings at $9.89 EPS.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $972.06 million. During the same period in the previous year, the company posted $1.94 EPS. Patrick Industries’s revenue was up 10.8% on a year-over-year basis.

Other analysts have also issued research reports about the company. BMO Capital Markets upped their target price on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. DA Davidson upped their price objective on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. KeyCorp raised their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Robert W. Baird boosted their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Truist Financial increased their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $138.50.

Patrick Industries Stock Down 0.6 %

NASDAQ:PATK opened at $144.21 on Tuesday. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. Patrick Industries has a 1-year low of $70.15 and a 1-year high of $148.35. The company has a 50-day moving average of $131.89 and a 200 day moving average of $118.89. The firm has a market cap of $3.23 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 1.22 and a beta of 1.61.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Insiders Place Their Bets

In other news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the sale, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the transaction, the director now directly owns 82,374 shares in the company, valued at $10,795,112.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,411 shares of company stock valued at $3,858,915. Insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Several large investors have recently made changes to their positions in PATK. BTC Capital Management Inc. purchased a new stake in Patrick Industries in the first quarter valued at $303,000. Congress Asset Management Co. MA boosted its stake in shares of Patrick Industries by 1.0% in the first quarter. Congress Asset Management Co. MA now owns 93,959 shares of the construction company’s stock worth $11,225,000 after buying an additional 925 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Patrick Industries by 1.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 107,829 shares of the construction company’s stock worth $12,882,000 after acquiring an additional 1,823 shares during the period. KFG Wealth Management LLC grew its holdings in Patrick Industries by 62.8% during the first quarter. KFG Wealth Management LLC now owns 11,549 shares of the construction company’s stock worth $1,380,000 after acquiring an additional 4,453 shares during the period. Finally, Anchor Capital Management Company LLC raised its position in Patrick Industries by 19.3% during the first quarter. Anchor Capital Management Company LLC now owns 123,809 shares of the construction company’s stock valued at $14,791,000 after acquiring an additional 20,000 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component 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.