Patrick Industries (PATK) Outpaces Stock Market Gains: What You Should Know

Patrick Industries (PATK) closed at $80.47 in the latest trading session, marking a +1.71% move from the prior day. This change outpaced the S&P 500’s 0.85% gain on the day.

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– Zacks

Coming into today, shares of the building products manufacturer had lost 5.88% in the past month. In that same time, the Construction sector lost 3.74%, while the S&P 500 lost 0.37%.

Investors will be hoping for strength from PATK as it approaches its next earnings release. In that report, analysts expect PATK to post earnings of $2.06 per share. This would mark year-over-year growth of 27.16%. Our most recent consensus estimate is calling for quarterly revenue of $958.2 million, up 36.75% from the year-ago period.

PATK’s full-year Zacks Consensus Estimates are calling for earnings of $8.64 per share and revenue of $3.79 billion. These results would represent year-over-year changes of +105.71% and +52.22%, respectively.

Investors might also notice recent changes to analyst estimates for PATK. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company’s business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. PATK currently has a Zacks Rank of #1 (Strong Buy).

In terms of valuation, PATK is currently trading at a Forward P/E ratio of 9.16. For comparison, its industry has an average Forward P/E of 9.78, which means PATK is trading at a discount to the group.

The Building Products – Mobile Homes and RV Builders industry is part of the Construction sector. This industry currently has a Zacks Industry Rank of 6, which puts it in the top 3% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.


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Patrick Industries, Inc. (PATK): Free Stock Analysis Report

 

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