Patrick Industries (NASDAQ:PATK) Reaches New 52-Week Low – Here’s What Happened

Patrick Industries, Inc. (NASDAQ:PATK)’s share price reached a new 52-week low on Wednesday . The stock traded as low as $83.91 and last traded at $84.2950, with a volume of 101773 shares. The stock had previously closed at $87.88.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a research note on Friday, May 1st. Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Roth Mkm set a $128.00 price target on shares of Patrick Industries in a research note on Tuesday, May 5th. BMO Capital Markets reissued an “outperform” rating and set a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Finally, Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $122.63.

Patrick Industries Trading Up 2.5%

The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The business’s 50-day moving average is $97.67 and its two-hundred day moving average is $111.90. The firm has a market cap of $2.82 billion, a P/E ratio of 21.98 and a beta of 1.09.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The company had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.11 EPS. As a group, analysts predict that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.2%. Patrick Industries’s payout ratio is 48.21%.

Insider Buying and Selling

In other news, insider Charles R. Roeder acquired 5,750 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was bought at an average price of $87.83 per share, with a total value of $505,022.50. Following the transaction, the insider directly owned 42,147 shares in the company, valued at approximately $3,701,771.01. The trade was a 15.80% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Andy L. Nemeth acquired 10,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average price of $88.00 per share, for a total transaction of $880,000.00. Following the completion of the purchase, the chief executive officer directly owned 287,745 shares in the company, valued at $25,321,560. The trade was a 3.60% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 27,400 shares of company stock worth $2,408,639 in the last quarter. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PATK. Advisory Services Network LLC acquired a new stake in Patrick Industries during the 3rd quarter valued at $25,000. Torren Management LLC acquired a new stake in shares of Patrick Industries during the 4th quarter worth about $26,000. Allworth Financial LP boosted its holdings in shares of Patrick Industries by 181.3% during the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after buying an additional 203 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Patrick Industries by 200.9% during the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after buying an additional 229 shares during the period. Finally, Strs Ohio acquired a new position in Patrick Industries in the 1st quarter valued at about $42,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

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.