Patrick Industries (NASDAQ:PATK) Reaches New 1-Year Low – What’s Next?

Shares of Patrick Industries, Inc. (NASDAQ:PATK) reached a new 52-week low during trading on Tuesday . The company traded as low as $81.75 and last traded at $81.87, with a volume of 33828 shares trading hands. The stock had previously closed at $83.43.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PATK shares. KeyCorp reduced their price target on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Truist Financial lowered their price target on Patrick Industries from $126.00 to $113.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. Robert W. Baird set a $110.00 price target on Patrick Industries in a research report on Friday, May 1st. Raymond James Financial set a $108.00 price objective on Patrick Industries in a report on Friday, May 1st. Finally, BMO Capital Markets restated an “outperform” rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $121.00.

Patrick Industries Price Performance

The firm’s 50-day moving average is $88.86 and its 200-day moving average is $107.97. The company has a market capitalization of $2.78 billion, a PE ratio of 21.69 and a beta of 1.11. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. During the same quarter last year, the business posted $1.11 earnings per share. The company’s revenue for the quarter was down .6% on a year-over-year basis. Equities analysts predict that Patrick Industries, Inc. will post 4.63 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

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

Insider Activity at Patrick Industries

In other news, insider Jacob R. Petkovich bought 1,300 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $95.57 per share, for a total transaction of $124,241.00. Following the transaction, the insider directly owned 46,290 shares of the company’s stock, valued at $4,423,935.30. This represents a 2.89% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andy L. Nemeth bought 10,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was purchased at an average cost of $88.00 per share, with a total value of $880,000.00. Following the purchase, the chief executive officer owned 287,745 shares of the company’s stock, valued at $25,321,560. This represents a 3.60% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 28,700 shares of company stock worth $2,532,880 in the last quarter. 3.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP raised its position in Patrick Industries by 19.9% in the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock worth $240,401,000 after purchasing an additional 367,802 shares during the period. SG Americas Securities LLC boosted its position in Patrick Industries by 12,134.2% during the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after buying an additional 257,245 shares during the period. Capital Research Global Investors boosted its position in Patrick Industries by 24.4% during the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after buying an additional 223,014 shares during the period. Bessemer Group Inc. grew its stake in shares of Patrick Industries by 3,602.4% during the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after buying an additional 145,863 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Patrick Industries by 17.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock valued at $81,205,000 after buying an additional 112,766 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.