Q2 2024 Earnings Forecast for Patrick Industries, Inc. (NASDAQ:PATK) Issued By Roth Capital

Patrick Industries, Inc. (NASDAQ:PATK - Free Report) - Equities research analysts at Roth Capital reduced their Q2 2024 earnings per share (EPS) estimates for Patrick Industries in a report issued 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.

Several other research firms have also commented on PATK. Truist Financial restated a "buy" rating and issued a $130.00 price objective on shares of Patrick Industries in a research note on Friday, April 12th. StockNews.com cut Patrick Industries from a "buy" rating to a "hold" rating in a research report on Thursday, March 21st. BMO Capital Markets increased their price objective on shares of Patrick Industries from $120.00 to $125.00 and gave the company an "outperform" rating in a report on Friday, May 3rd. KeyCorp increased their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, February 9th. Finally, Roth Mkm restated a "buy" rating and set a $126.00 price target (up previously from $120.00) on shares of Patrick Industries in a report on Monday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average price target of $106.71.

Patrick Industries Stock Performance

Shares of NASDAQ PATK traded up $0.41 during trading on Wednesday, reaching $114.55. 163,170 shares of the company traded hands, compared to its average volume of 169,951. The firm has a 50 day simple moving average of $112.09 and a 200-day simple moving average of $100.09. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $123.58. The stock has a market capitalization of $2.57 billion, a PE ratio of 16.97 and a beta of 1.73. The company has a quick ratio of 0.96, a current ratio of 2.38 and a debt-to-equity ratio of 1.32.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, beating 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 company had revenue of $933.50 million for the quarter, compared to analysts' expectations of $829.22 million. During the same period last year, the firm posted $1.35 earnings per share. Patrick Industries's revenue was up 3.7% compared to the same quarter last year.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds have recently modified their holdings of PATK. ProShare Advisors LLC boosted its stake in Patrick Industries by 6.5% during the first quarter. ProShare Advisors LLC now owns 4,254 shares of the construction company's stock worth $508,000 after buying an additional 258 shares during the last quarter. Avantax Advisory Services Inc. acquired a new position in shares of Patrick Industries during the 1st quarter valued at about $326,000. Russell Investments Group Ltd. increased its position in Patrick Industries by 21.1% during the first quarter. Russell Investments Group Ltd. now owns 14,302 shares of the construction company's stock worth $1,709,000 after purchasing an additional 2,492 shares during the last quarter. Inspire Investing LLC raised its stake in Patrick Industries by 48.9% during the first quarter. Inspire Investing LLC now owns 6,547 shares of the construction company's stock worth $782,000 after purchasing an additional 2,150 shares during the period. Finally, Inspire Advisors LLC boosted its holdings in Patrick Industries by 412.1% in the 1st quarter. Inspire Advisors LLC now owns 13,679 shares of the construction company's stock valued at $1,634,000 after purchasing an additional 11,008 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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 transaction of $364,762.30. Following the sale, the director now directly owns 8,553 shares in the company, valued at approximately $948,271.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the company's stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the transaction, the director now directly owns 8,553 shares in the company, valued at $948,271.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kip B. Ellis sold 7,462 shares of the company's stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $121.99, for a total transaction of $910,289.38. Following the transaction, the insider now owns 101,316 shares of the company's stock, valued at approximately $12,359,538.84. The disclosure for this sale can be found here. Insiders have sold 48,873 shares of company stock worth $5,681,957 over the last quarter. 4.70% of the stock is currently owned by insiders.

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.