Patrick Industries (NASDAQ:PATK) Hits New 52-Week Low - Here's Why

Key Points

• Patrick Industries hit a new 52-week low during trading, falling as low as $82.35 before last trading around $89.78, down from the prior close of $93.18.
• Analyst sentiment remains generally positive, with six Buy ratings, two Holds, and one Sell; however, several firms recently trimmed price targets, and the average target now sits at $122.62.
• The company reported quarterly EPS and revenue that both beat consensus estimates, while also paying a $0.47 quarterly dividend and seeing notable insider buying over the past 90 days.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report)'s share price reached a new 52-week low during trading on Wednesday . The stock 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.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PATK shares. KeyCorp decreased their price target on Patrick Industries from $140.00 to $125.00 and set an "overweight" rating for the company in a report on Friday, May 1st. BMO Capital Markets reaffirmed 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. Roth Mkm set a $128.00 target price on shares of Patrick Industries in a report on Tuesday, May 5th. Wall Street Zen cut shares of Patrick Industries from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Finally, Robert W. Baird set a $110.00 price target on shares of Patrick Industries in a report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $122.62.

Patrick Industries Stock Down 3.6%

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

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly 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. The company had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.Patrick Industries's revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.11 earnings per share. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 4.94 EPS for the current fiscal year.

Patrick Industries Announces Dividend

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

Insider Transactions at Patrick Industries

In related news, CFO Matthew S. Filer bought 1,000 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average price of $85.50 per share, for a total transaction of $85,500.00. Following the completion of the transaction, the chief financial officer directly owned 21,614 shares in the company, valued at $1,847,997. This trade represents a 4.85% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Charles R. Roeder bought 5,750 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was bought at an average price of $87.83 per share, for a total transaction of $505,022.50. Following the transaction, the insider owned 42,147 shares of the company's stock, valued at approximately $3,701,771.01. This trade represents a 15.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 28,700 shares of company stock worth $2,532,880 in the last ninety days. Company insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PATK. Torren Management LLC purchased a new stake in Patrick Industries during the 4th quarter worth approximately $26,000. Advisory Services Network LLC purchased a new position in shares of Patrick Industries in the third quarter valued at approximately $25,000. Allworth Financial LP lifted its position in shares of 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 acquiring an additional 203 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company's stock worth $37,000 after acquiring an additional 229 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Patrick Industries in the first quarter worth approximately $42,000. 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.

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