Patrick Industries (NASDAQ:PATK) Shares Gap Down – Here’s What Happened

Patrick Industries, Inc. (NASDAQ:PATK) gapped down before the market opened on Friday . The stock had previously closed at $111.35, but opened at $108.05. Patrick Industries shares last traded at $107.5150, with a volume of 4,456 shares trading hands.

Analyst Ratings Changes

PATK has been the subject of a number of analyst reports. Loop Capital initiated coverage on Patrick Industries in a research note on Friday, October 31st. They set a “hold” rating and a $99.00 price objective for the company. KeyCorp reiterated an “overweight” rating and issued a $120.00 target price (up from $115.00) on shares of Patrick Industries in a report on Wednesday, December 10th. Benchmark raised their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Weiss Ratings lowered shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $115.00 target price on shares of Patrick Industries in a research report on Friday, October 31st. Seven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $108.56.

Patrick Industries Stock Up 0.7%

The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of 31.16, a PEG ratio of 1.44 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. The business’s 50 day moving average is $106.97 and its 200 day moving average is $104.00.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) 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 business had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. During the same quarter in the prior year, the business posted $1.80 EPS. Patrick Industries’s revenue for the quarter was up 6.1% compared to the same quarter last year. Sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.7%. The ex-dividend date was Monday, December 1st. This is a boost from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s dividend payout ratio (DPR) is presently 53.71%.

Insider Activity

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

Institutional Trading of Patrick Industries

Several large investors have recently made changes to their positions in PATK. Inspire Advisors LLC acquired a new stake in Patrick Industries during the second quarter valued at $525,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Patrick Industries during the 2nd quarter valued at about $400,000. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Patrick Industries during the 2nd quarter valued at about $369,000. Geode Capital Management LLC increased its stake in shares of Patrick Industries by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company’s stock valued at $75,000,000 after purchasing an additional 7,011 shares in the last quarter. Finally, F m Investments LLC raised its holdings in Patrick Industries by 23.0% in the 2nd quarter. F m Investments LLC now owns 47,440 shares of the construction company’s stock worth $4,377,000 after purchasing an additional 8,860 shares during the period. 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.