Patrick Industries (NASDAQ:PATK) Sets New 52-Week Low – Time to Sell?

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price 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. The stock had previously closed at $93.18.

Analysts Set New Price Targets

A number of brokerages have commented on PATK. Weiss Ratings downgraded Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday. Benchmark dropped their price target on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. BMO Capital Markets restated an “outperform” rating and set a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Robert W. Baird set a $110.00 target price on Patrick Industries in a research report on Friday, May 1st. Finally, KeyCorp cut their target price on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.62.

Patrick Industries Trading Down 0.3%

The firm’s 50-day simple moving average is $90.88 and its 200 day simple moving average is $109.73. The stock has a market cap of $2.80 billion, a P/E ratio of 21.80 and a beta of 1.11. The company has a current ratio of 2.71, a quick ratio of 1.04 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. The company had revenue of $997.17 million for the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.11 earnings per share. As a group, equities research analysts anticipate that Patrick Industries, Inc. will post 4.89 earnings per share for the current year.

Patrick Industries Dividend Announcement

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

Insider Activity at Patrick Industries

In related news, insider Jacob R. Petkovich purchased 1,300 shares of Patrick Industries stock in a transaction dated Wednesday, May 6th. The stock was bought at an average cost of $95.57 per share, with a total value of $124,241.00. Following the purchase, the insider owned 46,290 shares in the company, valued at approximately $4,423,935.30. The trade was a 2.89% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director M Scott Welch bought 10,050 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average cost of $88.23 per share, for a total transaction of $886,711.50. Following the acquisition, the director owned 156,000 shares of the company’s stock, valued at $13,763,880. This represents a 6.89% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 28,700 shares of company stock worth $2,532,880 in the last three months. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently bought and sold shares of PATK. Torren Management LLC acquired a new stake in Patrick Industries in the 4th quarter valued at about $26,000. Advisory Services Network LLC acquired a new position in shares of Patrick Industries in the 3rd quarter worth approximately $25,000. Allworth Financial LP grew its stake 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 during the last quarter. Farther Finance Advisors LLC raised 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 stake in shares of Patrick Industries in the 1st quarter worth approximately $42,000. 93.29% of the stock is currently owned by institutional investors.

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.