Patrick Industries (NASDAQ:PATK) Sets New 1-Year Low – What’s Next?

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PATK. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Benchmark reiterated a “buy” rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a report on Monday, August 10th. 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. Finally, KeyCorp lowered their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, July 22nd. Six investment 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $113.12.

Patrick Industries Stock Down 2.0%

The stock has a market capitalization of $2.63 billion, a PE ratio of 19.39 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 company’s 50-day moving average is $86.16 and its 200 day moving average is $99.45.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down .6% on a year-over-year basis. During the same period last year, the business earned $1.50 EPS. As a group, analysts anticipate that Patrick Industries, Inc. will post 4.26 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Monday, August 24th. Patrick Industries’s payout ratio is presently 44.55%.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently made changes to their positions in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Patrick Industries by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after acquiring an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after acquiring an additional 3,748 shares during the period. Strs Ohio acquired a new stake in Patrick Industries during the 1st quarter worth about $42,000. Cetera Investment Advisers grew its stake in Patrick Industries by 64.8% during the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock valued at $559,000 after purchasing an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in Patrick Industries during the 2nd quarter valued at about $340,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.