Patrick Industries (PATK) Projected to Post Quarterly Earnings on Thursday

Patrick Industries (NASDAQ:PATK) is expected to be issuing its quarterly earnings data before the market opens on Thursday, February 6th. Analysts expect the company to announce earnings of $0.79 per share and revenue of $815.59 million for the quarter. Parties interested in listening to the company’s conference call can do so using this link.

Patrick Industries Stock Up 0.9 %

Patrick Industries stock opened at $96.59 on Wednesday. The firm has a 50 day moving average price of $88.86 and a 200-day moving average price of $88.31. 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 twelve month low of $66.49 and a twelve month high of $98.90. The company has a market capitalization of $3.25 billion, a P/E ratio of 20.81, a P/E/G ratio of 1.46 and a beta of 2.26.

Patrick Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date was Monday, November 25th. Patrick Industries’s dividend payout ratio is currently 34.48%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Benchmark reiterated a “buy” rating and set a $96.67 price target on shares of Patrick Industries in a research note on Monday, November 4th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Truist Financial cut their price objective on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Raymond James reduced their price objective on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research note on Friday, November 1st. Finally, KeyCorp increased their target price on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. One 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $92.63.

Insider Buying and Selling at Patrick Industries

In other news, CEO Andy L. Nemeth sold 30,000 shares of Patrick Industries stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the chief executive officer now owns 379,678 shares in the company, valued at approximately $34,171,020. This trade represents a 7.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.70% 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.