Patrick Industries (PATK) Gains But Lags Market: What You Should Know
In the latest trading session, Patrick Industries (PATK) closed at $78, marking a +0.71% move from the previous day. This change lagged the S&P 500's 1.02% gain on the day.
Coming into today, shares of the building products manufacturer had gained 5.63% in the past month. In that same time, the Construction sector lost 0.76%, while the S&P 500 gained 3.01%.
Wall Street will be looking for positivity from PATK as it approaches its next earnings report date. This is expected to be July 29, 2021. On that day, PATK is projected to report earnings of $1.83 per share, which would represent year-over-year growth of 6000%. Meanwhile, our latest consensus estimate is calling for revenue of $878.8 million, up 107.24% from the prior-year quarter.
PATK's full-year Zacks Consensus Estimates are calling for earnings of $7.50 per share and revenue of $3.4 billion. These results would represent year-over-year changes of +78.57% and +36.74%, respectively.
Any recent changes to analyst estimates for PATK should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. PATK is currently a Zacks Rank #3 (Hold).
Investors should also note PATK's current valuation metrics, including its Forward P/E ratio of 10.33. This represents a discount compared to its industry's average Forward P/E of 10.79.
It is also worth noting that PATK currently has a PEG ratio of 1.09. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Building Products - Mobile Homes and RV Builders industry currently had an average PEG ratio of 1.09 as of yesterday's close.
The Building Products - Mobile Homes and RV Builders industry is part of the Construction sector. This group has a Zacks Industry Rank of 7, putting it in the top 3% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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