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

Patrick Industries, Inc. (NASDAQ:PATK) shares reached a new 52-week low during trading on Monday . The company traded as low as $68.50 and last traded at $69.0580, with a volume of 1480511 shares changing hands. The stock had previously closed at $68.71.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PATK. Raymond James Financial restated an “outperform” rating and set a $94.00 target price on shares of Patrick Industries in a research note on Friday, July 31st. Benchmark reissued a “buy” rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a research report on Monday, August 10th. Northcoast Research set a $121.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a research report on Tuesday, September 1st. Finally, KeyCorp cut their price target on shares of Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $114.00.

Patrick Industries Trading Up 0.1%

The business’s 50-day moving average price is $82.92 and its 200-day moving average price is $93.28. The firm has a market capitalization of $2.21 billion, a PE ratio of 16.27 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS 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 analyst estimates of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. Patrick Industries’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the business posted $1.50 earnings per share. As a group, analysts expect that Patrick Industries, Inc. will post 4.24 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were given a dividend of $0.47 per share. The ex-dividend date was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a yield of 2.7%. Patrick Industries’s dividend payout ratio is presently 44.55%.

Hedge Funds Weigh In On Patrick Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. ProShare Advisors LLC lifted its stake in shares of Patrick Industries by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 6,330 shares of the construction company’s stock valued at $686,000 after purchasing an additional 192 shares during the period. Allworth Financial LP grew its position in Patrick Industries by 181.2% during the fourth 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. Hantz Financial Services Inc. increased its holdings in Patrick Industries by 73.0% in the fourth quarter. Hantz Financial Services Inc. now owns 564 shares of the construction company’s stock valued at $61,000 after buying an additional 238 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in Patrick Industries during the second quarter worth $25,000. Finally, EverSource Wealth Advisors LLC grew its stake in Patrick Industries by 16.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,006 shares of the construction company’s stock valued at $217,000 after acquiring an additional 277 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and supplier of component products and building materials for the recreational vehicle, marine, manufactured housing, powersports, and industrial markets. The company serves original equipment manufacturers and other customers primarily through a broad network of manufacturing and distribution operations.

Its products include cabinetry, furniture, countertops, flooring, hardware, electronics, electrical and wiring components, plumbing products, decorative panels, laminates, fabricated metals, plastics, and other interior and exterior components.