Wall Street brokerages predict that Patrick Industries, Inc. (NASDAQ:PATK) will post $603.27 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Patrick Industries’ earnings, with estimates ranging from $570.60 million to $628.81 million. Patrick Industries reported sales of $575.14 million in the same quarter last year, which would suggest a positive year over year growth rate of 4.9%. The company is expected to report its next earnings report on Thursday, October 24th.

On average, analysts expect that Patrick Industries will report full-year sales of $2.38 billion for the current financial year, with estimates ranging from $2.35 billion to $2.43 billion. For the next financial year, analysts anticipate that the business will post sales of $2.48 billion, with estimates ranging from $2.44 billion to $2.51 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Patrick Industries.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, July 25th. The construction company reported $1.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.04. The business had revenue of $613.20 million during the quarter, compared to the consensus estimate of $621.33 million. Patrick Industries had a return on equity of 23.07% and a net margin of 4.43%. Patrick Industries’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.42 earnings per share.

PATK has been the subject of several recent analyst reports. TheStreet lowered shares of Patrick Industries from a “b-” rating to a “c+” rating in a research note on Friday, August 2nd. BidaskClub cut shares of Patrick Industries from a “sell” rating to a “strong sell” rating in a report on Friday, August 16th. Zacks Investment Research upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. ValuEngine cut shares of Patrick Industries from a “sell” rating to a “strong sell” rating in a research report on Friday, August 23rd. Finally, Bank of America cut their target price on Patrick Industries from $51.00 to $36.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $55.20.

NASDAQ:PATK traded up $2.87 during trading hours on Friday, hitting $38.58. 173,023 shares of the company traded hands, compared to its average volume of 229,583. The company has a quick ratio of 0.78, a current ratio of 2.01 and a debt-to-equity ratio of 1.37. The company has a market cap of $825.86 million, a PE ratio of 8.30, a PEG ratio of 1.25 and a beta of 2.10. The firm’s 50-day simple moving average is $39.74 and its 200-day simple moving average is $44.76. Patrick Industries has a one year low of $27.32 and a one year high of $67.50.

In other news, Director Jeffrey L. Et Al Gendell sold 45,254 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $46.45, for a total transaction of $2,102,048.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director M Scott Welch purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were bought at an average price of $39.00 per share, with a total value of $390,000.00. The disclosure for this purchase can be found here. 7.60% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PATK. Dimensional Fund Advisors LP increased its position in Patrick Industries by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,074,342 shares of the construction company’s stock worth $31,812,000 after buying an additional 51,096 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Patrick Industries in the 1st quarter valued at about $257,000. BNP Paribas Arbitrage SA lifted its holdings in Patrick Industries by 53,288.9% during the first quarter. BNP Paribas Arbitrage SA now owns 4,805 shares of the construction company’s stock valued at $218,000 after purchasing an additional 4,796 shares during the last quarter. Bank of Montreal Can lifted its holdings in Patrick Industries by 29.8% during the first quarter. Bank of Montreal Can now owns 5,887 shares of the construction company’s stock valued at $267,000 after purchasing an additional 1,353 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in Patrick Industries by 117.5% during the first quarter. SG Americas Securities LLC now owns 22,159 shares of the construction company’s stock worth $1,004,000 after purchasing an additional 11,969 shares during the period. 90.96% of the stock is owned by institutional investors and hedge funds.

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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