Research Analysts Issue Forecasts for PATK FY2024 Earnings

Patrick Industries, Inc. (NASDAQ:PATK) – Roth Capital upped their FY2024 earnings per share (EPS) estimates for shares of Patrick Industries in a report released on Wednesday, December 4th. Roth Capital analyst S. Stember now anticipates that the construction company will post earnings per share of $6.42 for the year, up from their previous forecast of $2.14. The consensus estimate for Patrick Industries’ current full-year earnings is $5.34 per share. Roth Capital also issued estimates for Patrick Industries’ Q4 2024 earnings at $0.70 EPS, Q1 2025 earnings at $1.52 EPS, Q2 2025 earnings at $2.20 EPS, Q3 2025 earnings at $2.45 EPS, Q4 2025 earnings at $1.83 EPS, FY2025 earnings at $8.00 EPS and FY2026 earnings at $9.79 EPS.

A number of other research analysts have also recently commented on the stock. Benchmark reiterated a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research report on Monday, November 4th. KeyCorp upped their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Raymond James decreased their target price on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. Finally, BMO Capital Markets raised their price objective on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $139.88.

Patrick Industries Price Performance

PATK stock opened at $137.60 on Friday. The firm has a 50 day simple moving average of $135.54 and a two-hundred day simple moving average of $125.68. The stock has a market cap of $9.25 billion, a PE ratio of 59.31, a P/E/G ratio of 4.37 and a beta of 2.22. Patrick Industries has a one year low of $82.74 and a one year high of $148.35. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97.

Shares of Patrick Industries are set to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly created shares will be issued to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The firm had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.81 earnings per share.

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tidal Investments LLC bought a new stake in Patrick Industries during the 3rd quarter valued at approximately $271,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Patrick Industries by 6.6% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 16,513 shares of the construction company’s stock valued at $2,351,000 after purchasing an additional 1,022 shares during the period. Geode Capital Management LLC boosted its position in shares of Patrick Industries by 4.1% during the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after purchasing an additional 20,694 shares in the last quarter. Vestcor Inc boosted its position in shares of Patrick Industries by 218.6% during the third quarter. Vestcor Inc now owns 5,324 shares of the construction company’s stock valued at $758,000 after purchasing an additional 3,653 shares in the last quarter. Finally, MML Investors Services LLC grew its stake in Patrick Industries by 20.3% in the third quarter. MML Investors Services LLC now owns 3,243 shares of the construction company’s stock worth $462,000 after purchasing an additional 547 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insider Activity

In related news, CEO Andy L. Nemeth sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $135.00, for a total transaction of $2,700,000.00. Following the completion of the transaction, the chief executive officer now owns 253,119 shares in the company, valued at $34,171,065. This represents a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction on 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 sale, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. The trade was a 8.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 57,500 shares of company stock valued at $7,716,675. Insiders own 4.70% of the company’s stock.

Patrick Industries Increases Dividend

The company also recently disclosed a — dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $50.00 dividend. This is a boost from Patrick Industries’s previous — dividend of $0.25. The ex-dividend date of this dividend is Monday, December 16th. This represents a dividend yield of 1.7%. Patrick Industries’s payout ratio is presently 34.48%.

Patrick Industries Company Profile

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.