Patrick Industries (NASDAQ:PATK) Sets New 1-Year Low – Here’s What Happened

Shares of Patrick Industries, Inc. (NASDAQ:PATK) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $80.46 and last traded at $80.44, with a volume of 130093 shares trading hands. The stock had previously closed at $82.84.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PATK shares. KeyCorp dropped their price objective on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 22nd. Raymond James Financial reissued an “outperform” rating and issued a $94.00 target price on shares of Patrick Industries in a research report on Friday, July 31st. Benchmark restated a “buy” rating and set a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Weiss Ratings downgraded shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Finally, Roth Capital set a $114.00 price target on shares of Patrick Industries in a research note on Friday, July 31st. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Patrick Industries Stock Down 2.7%

The company has a market cap of $2.41 billion, a P/E ratio of 17.76 and a beta of 1.11. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The company has a fifty day moving average of $84.76 and a 200 day moving average of $96.08.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.Patrick Industries’s revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.50 earnings per share. On average, research analysts anticipate that Patrick Industries, Inc. will post 4.26 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Monday, August 24th. Patrick Industries’s dividend payout ratio is 44.55%.

Institutional Trading of Patrick Industries

Several large investors have recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd bought a new position in Patrick Industries in the second quarter worth approximately $25,000. Advisory Services Network LLC purchased a new stake in shares of Patrick Industries in the 3rd quarter worth $25,000. Allworth Financial LP increased its stake in shares of Patrick Industries by 181.2% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after purchasing an additional 203 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Patrick Industries in the 2nd quarter worth $34,000. Finally, Strs Ohio bought a new position in Patrick Industries in the 1st quarter worth $42,000. 93.29% of the stock is currently owned by 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.