Roth Capital Equities Analysts Lower Earnings Estimates for Patrick Industries, Inc. (NASDAQ:PATK)

Patrick Industries, Inc. (NASDAQ:PATK) – Roth Capital decreased their Q2 2024 earnings per share (EPS) estimates for shares of Patrick Industries in a research note issued to investors on Monday, May 6th. Roth Capital analyst S. Stember now forecasts that the construction company will post earnings per share of $1.99 for the quarter, down from their previous forecast of $2.12. The consensus estimate for Patrick Industries’ current full-year earnings is $8.05 per share. Roth Capital also issued estimates for Patrick Industries’ FY2024 earnings at $8.38 EPS and Q1 2025 earnings at $2.13 EPS.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.47. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The firm had revenue of $933.50 million for the quarter, compared to the consensus estimate of $829.22 million. During the same quarter in the previous year, the company earned $1.35 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year.

Several other analysts have also recently commented on PATK. KeyCorp raised their target price on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Truist Financial restated a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a research report on Friday, April 12th. StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Roth Mkm restated a “buy” rating and set a $126.00 price target (up from $120.00) on shares of Patrick Industries in a report on Monday. Finally, BMO Capital Markets upped their price objective on shares of Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.71.

Patrick Industries Stock Up 0.4 %

Shares of NASDAQ:PATK opened at $115.02 on Wednesday. The firm has a 50 day simple moving average of $111.94 and a 200 day simple moving average of $100.30. Patrick Industries has a 52 week low of $63.57 and a 52 week high of $123.58. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.96 and a current ratio of 2.38. The company has a market cap of $2.58 billion, a PE ratio of 17.04 and a beta of 1.73.

Hedge Funds Weigh In On Patrick Industries

Several large investors have recently added to or reduced their stakes in PATK. GAMMA Investing LLC bought a new stake in shares of Patrick Industries during the fourth quarter valued at approximately $35,000. Carmel Capital Partners LLC acquired a new position in shares of Patrick Industries in the 3rd quarter valued at $44,000. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Patrick Industries by 21.6% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock worth $102,000 after acquiring an additional 238 shares during the period. Xponance Inc. acquired a new stake in shares of Patrick Industries during the 4th quarter valued at about $203,000. Finally, Heritage Wealth Management LLC bought a new stake in Patrick Industries in the fourth quarter valued at about $238,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insider Transactions at Patrick Industries

In other news, Director Michael A. Kitson sold 3,290 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the sale, the director now directly owns 8,553 shares of the company’s stock, valued at $948,271.11. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the sale, the insider now directly owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the transaction, the director now owns 8,553 shares in the company, valued at approximately $948,271.11. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,873 shares of company stock worth $5,681,957. 4.70% of the stock is owned by insiders.

About Patrick Industries

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.