Patrick Industries (PATK) Scheduled to Post Quarterly Earnings on Wednesday
Patrick Industries (NASDAQ:PATK) will be announcing its earnings results before the market opens on Wednesday, February 14th. Analysts expect the company to announce earnings of $1.07 per share for the quarter.
Shares of Patrick Industries (NASDAQ PATK) opened at $59.65 on Monday. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.72. Patrick Industries has a twelve month low of $40.07 and a twelve month high of $72.35. The stock has a market capitalization of $1,505.15, a P/E ratio of 20.47, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84.
Patrick Industries announced that its board has initiated a stock repurchase program on Tuesday, January 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other news, Director John A. Forbes sold 1,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $65.80, for a total value of $65,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Courtney Blosser sold 6,000 shares of Patrick Industries stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $101.28, for a total value of $607,680.00. Following the completion of the transaction, the insider now owns 28,214 shares of the company’s stock, valued at approximately $2,857,513.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,234 shares of company stock valued at $2,485,568. Insiders own 5.20% of the company’s stock.
About Patrick Industries
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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