Patrick Industries (NASDAQ:PATK) Hits New 1-Year Low – Should You Sell?

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $72.95 and last traded at $72.98, with a volume of 623665 shares changing hands. The stock had previously closed at $73.40.

Analysts Set New Price Targets

PATK has been the subject of a number of recent research reports. Raymond James Financial reiterated an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. Benchmark reaffirmed a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Northcoast Research set a $121.00 price target on shares of Patrick Industries and gave the stock a “buy” rating in a report on Tuesday, September 1st. KeyCorp cut their price objective on shares of Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Finally, Roth Capital set a $114.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $114.00.

Patrick Industries Stock Performance

The company has a market cap of $2.34 billion, a price-to-earnings ratio of 17.29 and a beta of 1.11. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25. The stock’s 50 day moving average price is $84.33 and its 200 day moving average price is $95.24.

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

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were issued a $0.47 dividend. The ex-dividend date was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a yield of 2.6%. Patrick Industries’s dividend payout ratio (DPR) is presently 44.55%.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its stake in Patrick Industries by 8,620.2% during the second quarter. California State Teachers Retirement System now owns 3,313,510 shares of the construction company’s stock worth $297,487,000 after acquiring an additional 3,275,512 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Patrick Industries by 24.4% in the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after purchasing an additional 223,014 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Patrick Industries by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock valued at $88,870,000 after purchasing an additional 4,816 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Patrick Industries during the 2nd quarter worth about $65,138,000. Finally, Copeland Capital Management LLC increased its position in Patrick Industries by 17.6% during the 1st quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company’s stock worth $62,589,000 after purchasing an additional 84,508 shares in 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 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.