Patrick Industries (NASDAQ:PATK) Hits New 1-Year Low – Here’s What Happened

Shares of Patrick Industries, Inc. (NASDAQ:PATK) hit a new 52-week low on Wednesday . The company traded as low as $82.35 and last traded at $89.78, with a volume of 4238995 shares trading hands. The stock had previously closed at $93.18.

Analyst Ratings Changes

A number of research firms have recently issued reports on PATK. Wall Street Zen lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Benchmark decreased their price target on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Weiss Ratings cut shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday. Finally, Roth Mkm set a $128.00 price objective on shares of Patrick Industries in a report on Tuesday, May 5th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.62.

Patrick Industries Price Performance

The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The stock has a 50 day simple moving average of $91.62 and a two-hundred day simple moving average of $110.15. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 23.02 and a beta of 1.09.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $989.06 million. During the same period last year, the company earned $1.11 EPS. The company’s revenue for the quarter was down .6% on a year-over-year basis. On average, equities research analysts predict that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.1%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s dividend payout ratio (DPR) is presently 48.21%.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was acquired at an average price of $88.00 per share, with a total value of $880,000.00. Following the purchase, the chief executive officer directly owned 287,745 shares in the company, valued at approximately $25,321,560. This represents a 3.60% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacob R. Petkovich purchased 1,300 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $95.57 per share, with a total value of $124,241.00. Following the acquisition, the insider directly owned 46,290 shares in the company, valued at approximately $4,423,935.30. The trade was a 2.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 28,700 shares of company stock valued at $2,532,880 over the last ninety days. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC purchased a new position in Patrick Industries in the third quarter worth approximately $25,000. Torren Management LLC purchased a new stake in Patrick Industries in the fourth quarter valued at $26,000. Allworth Financial LP raised its position in Patrick Industries by 181.2% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after purchasing an additional 203 shares during the period. Farther Finance Advisors LLC lifted its stake 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 valued at $37,000 after purchasing an additional 229 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of Patrick Industries in the 1st quarter valued at $42,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Company Profile

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.