Patrick Industries (NASDAQ:PATK) Reaches New 12-Month Low – Time to Sell?

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $81.29 and last traded at $81.30, with a volume of 211975 shares trading hands. The stock had previously closed at $83.47.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Weiss Ratings downgraded shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. 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 report on Wednesday, July 22nd. Northcoast Research set a $121.00 price target on Patrick Industries and gave the stock a “buy” rating in a report on Tuesday. Zacks Research lowered Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $94.00 price objective on shares of Patrick Industries in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $114.00.

Patrick Industries Price Performance

The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 19.27 and a beta of 1.11. The business’s fifty day simple moving average is $85.94 and its 200 day simple moving average is $98.56.

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

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Monday, August 24th. Patrick Industries’s payout ratio is presently 44.55%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Advisory Services Network LLC acquired a new stake in Patrick Industries in the third quarter valued at approximately $25,000. Persistent Asset Partners Ltd acquired a new position in shares of Patrick Industries during the second quarter worth approximately $25,000. Allworth Financial LP lifted its holdings 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. Farther Finance Advisors LLC lifted its holdings in shares of Patrick Industries by 200.9% in the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after purchasing an additional 229 shares in the last quarter. Finally, Strs Ohio bought a new position in shares of Patrick Industries in the 1st quarter worth $42,000. 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.