Roth Capital Has Optimistic Outlook of PATK FY2024 Earnings

Patrick Industries, Inc. (NASDAQ:PATK - Free Report) - Investment analysts at Roth Capital upped their FY2024 EPS estimates for Patrick Industries in a research report issued on Wednesday, December 4th. Roth Capital analyst S. Stember now forecasts that the construction company will post earnings of $6.42 per share for the year, up from their prior estimate 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.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company had revenue of $919.44 million during the quarter, compared to analysts' expectations of $935.75 million. During the same quarter last year, the business posted $1.81 earnings per share. The company's revenue for the quarter was up 6.2% compared to the same quarter last year.

Several other brokerages have also commented on PATK. 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 downgraded shares of Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, November 14th. Truist Financial lifted 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. Benchmark reissued a "buy" rating and set a $145.00 price target on shares of Patrick Industries in a research note on Monday, November 4th. 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 equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, Patrick Industries currently has an average rating of "Moderate Buy" and an average target price of $139.88.

Patrick Industries Stock Performance

NASDAQ:PATK traded up $1.35 during midday trading on Friday, reaching $137.60. The stock had a trading volume of 146,780 shares, compared to its average volume of 722,462. The stock has a market cap of $9.25 billion, a P/E ratio of 59.31, a P/E/G ratio of 4.37 and a beta of 2.22. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries has a 12-month low of $82.74 and a 12-month high of $148.35. The firm has a fifty day simple moving average of $135.54 and a two-hundred day simple moving average of $125.59.

Shares of Patrick Industries are going to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be distributed to shareholders after the market closes on Friday, December 13th.

Patrick Industries Increases Dividend

The business also recently declared a -- dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $50.00 per share. This is an increase from Patrick Industries's previous -- dividend of $0.25. The ex-dividend date of this dividend is Monday, December 16th. This represents a yield of 1.7%. Patrick Industries's dividend payout ratio (DPR) is presently 34.48%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares of the company's stock, valued at approximately $18,274,749.33. The trade was a 12.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Andy L. Nemeth sold 10,000 shares of the business's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $140.64, for a total value of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 243,119 shares of the company's stock, valued at $34,192,256.16. This trade represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 57,500 shares of company stock valued at $7,716,675 over the last three months. 4.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Xponance Inc. boosted its position in shares of Patrick Industries by 4.1% in the second quarter. Xponance Inc. now owns 2,118 shares of the construction company's stock worth $230,000 after acquiring an additional 83 shares during the last quarter. Trust Point Inc. boosted its holdings in shares of Patrick Industries by 1.1% in the 3rd quarter. Trust Point Inc. now owns 8,964 shares of the construction company's stock valued at $1,276,000 after purchasing an additional 96 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of Patrick Industries by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company's stock worth $977,000 after buying an additional 135 shares during the last quarter. Amalgamated Bank raised its position in shares of Patrick Industries by 2.1% in the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company's stock worth $936,000 after buying an additional 136 shares during the period. Finally, First Horizon Advisors Inc. boosted its holdings in Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company's stock valued at $112,000 after acquiring an additional 139 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

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.