Patrick Industries (NASDAQ:PATK) Shares Gap Down – Time to Sell?

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $133.02, but opened at $128.38. Patrick Industries shares last traded at $128.2760, with a volume of 5,180 shares traded.

Analyst Ratings Changes

Several analysts have issued reports on PATK shares. BMO Capital Markets reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Patrick Industries in a report on Friday, October 31st. Truist Financial set a $126.00 price target on Patrick Industries in a report on Friday, January 9th. Roth Mkm set a $115.00 price objective on Patrick Industries and gave the stock a “buy” rating in a report on Friday, October 31st. Weiss Ratings lowered Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, KeyCorp reiterated an “overweight” rating and set a $135.00 target price (up from $120.00) on shares of Patrick Industries in a research report on Friday, January 16th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $116.13.

Patrick Industries Stock Up 0.3%

The stock has a fifty day moving average price of $112.09 and a 200-day moving average price of $106.95. The firm has a market cap of $4.30 billion, a PE ratio of 36.91, a PEG ratio of 1.39 and a beta of 1.34. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The firm had revenue of $975.63 million for the quarter, compared to analysts’ expectations of $900.35 million. During the same period in the previous year, the company posted $1.80 earnings per share. Patrick Industries’s revenue was up 6.1% compared to the same quarter last year. Research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.47 dividend. The ex-dividend date was Monday, December 1st. This represents a $1.88 annualized dividend and a yield of 1.5%. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s payout ratio is currently 53.71%.

Insider Activity at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total value of $2,875,000.00. Following the transaction, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. The trade was a 7.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Patrick Industries

A number of hedge funds and other institutional investors have recently modified their holdings of PATK. Advisory Services Network LLC bought a new position in Patrick Industries in the third quarter worth about $25,000. Salomon & Ludwin LLC bought a new stake in Patrick Industries in the 3rd quarter valued at about $25,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries during the 3rd quarter valued at about $31,000. Parkside Financial Bank & Trust grew its position in Patrick Industries by 87.5% in the 3rd quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after purchasing an additional 223 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Patrick Industries in the first quarter valued at approximately $42,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.