Patrick Industries (NASDAQ:PATK) Hits New 12-Month Low - Should You Sell?

Key Points

• Patrick Industries hit a new 52-week low, trading as low as $81.75 after closing at $83.43, as the stock extended recent weakness and stayed well below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but generally cautious: several firms cut ratings or maintained conservative views, though the consensus remains “Moderate Buy” with an average price target of $121.00.
• The company posted solid quarterly results and continues to return cash, beating EPS and revenue estimates in its latest report while paying a $0.47 quarterly dividend for a 2.3% yield.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) shares reached a new 52-week low during trading on Tuesday . The company traded as low as $81.75 and last traded at $81.87, with a volume of 33828 shares trading hands. The stock had previously closed at $83.43.

Analysts Set New Price Targets

PATK has been the subject of a number of research analyst reports. Zacks Research lowered Patrick Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 5th. Weiss Ratings downgraded Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, June 29th. Roth Capital set a $128.00 target price on Patrick Industries in a research note on Tuesday, May 5th. Wall Street Zen downgraded Patrick Industries from a "buy" rating to a "hold" rating in a research report on Sunday, April 12th. Finally, Raymond James Financial set a $108.00 target price on shares of Patrick Industries in a research note on Friday, May 1st. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Patrick Industries has an average rating of "Moderate Buy" and a consensus target price of $121.00.

Patrick Industries Stock Down 0.9%

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 market cap of $2.72 billion, a PE ratio of 21.20 and a beta of 1.11. The business has a fifty day moving average of $89.20 and a 200-day moving average of $108.36.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its 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. 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 analyst estimates of $989.06 million. During the same period in the previous year, the company posted $1.11 EPS. Patrick Industries's revenue was down .6% on a year-over-year basis. Equities research analysts anticipate that Patrick Industries, Inc. will post 4.63 earnings per share for the current 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 issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Tuesday, May 26th. Patrick Industries's payout ratio is presently 48.21%.

Insider Buying and Selling

In other Patrick Industries news, insider Charles R. Roeder acquired 5,750 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average cost of $87.83 per share, for a total transaction of $505,022.50. Following the completion of the purchase, the insider owned 42,147 shares in the company, valued at approximately $3,701,771.01. This trade represents a 15.80% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jacob R. Petkovich acquired 1,300 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $95.57 per share, for a total transaction of $124,241.00. Following the completion of the acquisition, the insider owned 46,290 shares of the company's stock, valued at $4,423,935.30. This trade represents a 2.89% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 28,700 shares of company stock valued at $2,532,880 over the last quarter. 3.80% of the stock is owned by company insiders.

Institutional Trading of Patrick Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Tactive Advisors LLC bought a new position in shares of Patrick Industries in the 2nd quarter worth $338,000. Lodge Hill Capital LLC boosted its position in Patrick Industries by 13.9% during the first quarter. Lodge Hill Capital LLC now owns 205,000 shares of the construction company's stock valued at $22,769,000 after purchasing an additional 25,000 shares in the last quarter. California State Teachers Retirement System grew its stake in Patrick Industries by 24.6% in the first quarter. California State Teachers Retirement System now owns 37,998 shares of the construction company's stock valued at $4,220,000 after purchasing an additional 7,501 shares during the last quarter. Empowered Funds LLC grew its stake in Patrick Industries by 3.6% in the first quarter. Empowered Funds LLC now owns 18,761 shares of the construction company's stock valued at $2,084,000 after purchasing an additional 650 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Patrick Industries by 4.0% in the first quarter. The Manufacturers Life Insurance Company now owns 15,470 shares of the construction company's stock worth $1,718,000 after purchasing an additional 599 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.