Patrick Industries (NASDAQ:PATK) Releases Earnings Results, Beats Estimates By $0.13 EPS
Patrick Industries (NASDAQ:PATK) issued its earnings results on Thursday. The construction company reported $0.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.13, MarketWatch Earnings reports. Patrick Industries had a return on equity of 12.86% and a net margin of 2.97%. The business had revenue of $424.00 million during the quarter, compared to analysts’ expectations of $412.46 million. During the same period in the prior year, the firm posted $1.18 EPS. Patrick Industries’s quarterly revenue was down 30.9% compared to the same quarter last year.
PATK traded down $1.99 during mid-day trading on Friday, reaching $63.95. The stock had a trading volume of 351,542 shares, compared to its average volume of 208,491. The stock has a market capitalization of $1.50 billion, a P/E ratio of 23.51, a P/E/G ratio of 10.90 and a beta of 2.48. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.17 and a current ratio of 2.46. The firm’s fifty day simple moving average is $60.15 and its two-hundred day simple moving average is $48.72. Patrick Industries has a 52 week low of $16.70 and a 52 week high of $69.84.
A number of equities analysts have recently issued reports on PATK shares. Bank of America raised Patrick Industries from a “neutral” rating to a “buy” rating and increased their target price for the stock from $74.00 to $88.00 in a report on Friday. BofA Securities raised Patrick Industries from a “neutral” rating to a “buy” rating and increased their target price for the stock from $74.00 to $88.00 in a report on Friday. Wells Fargo & Co increased their target price on Patrick Industries from $33.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. TheStreet raised Patrick Industries from a “c+” rating to a “b” rating in a report on Monday, July 27th. Finally, KeyCorp raised their price target on Patrick Industries from $75.00 to $77.00 and gave the company an “overweight” rating in a report on Friday. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $67.14.
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.
Further Reading: Ex-Dividend
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