Patrick Industries (NASDAQ:PATK) Sets New 12-Month Low - Here's Why

Key Points

• Patrick Industries (NASDAQ:PATK) hit a new 52-week low, trading as low as $83.91 and closing well below its prior close amid a roughly 4.5% drop.
• Analyst sentiment is mixed but still leans positive overall: the stock has a Moderate Buy consensus with an average target price of $122.63, though several firms recently cut ratings or price targets.
• The company beat quarterly EPS and revenue estimates in its latest report, but revenue was slightly down year over year; Patrick also paid a $0.47 quarterly dividend, and insiders have been buying shares recently.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report)'s stock price reached a new 52-week low on Wednesday . The company traded as low as $83.91 and last traded at $84.2950, with a volume of 101773 shares changing hands. The stock had previously closed at $87.88.

Analysts Set New Price Targets

PATK has been the topic of several research analyst reports. Raymond James Financial set a $108.00 target price on shares of Patrick Industries in a research report 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. Wall Street Zen lowered shares of Patrick Industries from a "buy" rating to a "hold" rating in a research report on Sunday, April 12th. Weiss Ratings lowered shares of Patrick Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, June 4th. Finally, KeyCorp decreased their target price on shares of Patrick Industries from $140.00 to $125.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus target price of $122.63.

Patrick Industries Stock Down 4.5%

The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. The firm's 50-day moving average is $98.61 and its 200 day moving average is $112.14. The firm has a market capitalization of $2.76 billion, a PE ratio of 21.51 and a beta of 1.09.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. During the same period in the previous year, the firm earned $1.11 EPS. The business's revenue for the quarter was down .6% compared to the same quarter last year. As a group, research analysts forecast that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

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

Insiders Place Their Bets

In other news, insider Charles R. Roeder bought 5,750 shares of Patrick Industries stock in a transaction on Tuesday, May 5th. The shares were bought at an average cost of $87.83 per share, for a total transaction of $505,022.50. Following the acquisition, 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 legal filing with the SEC, which is available at the SEC website. Also, Director Blake Augsburger bought 400 shares of Patrick Industries stock in a transaction on Tuesday, May 5th. The stock was purchased at an average price of $85.19 per share, for a total transaction of $34,076.00. Following the completion of the acquisition, the director owned 2,125 shares in the company, valued at $181,028.75. This represents a 23.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 37,300 shares of company stock worth $3,537,054. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 purchasing an additional 851 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Patrick Industries by 5.6% in 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 valued at $5,957,000 after purchasing an additional 3,748 shares in the last quarter. Strs Ohio purchased a new position in Patrick Industries in the 1st quarter valued at about $42,000. Cetera Investment Advisers lifted its holdings in Patrick Industries by 64.8% in 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 in the last quarter. Finally, Hsbc Holdings PLC purchased a new position in Patrick Industries in the 2nd quarter valued at about $340,000. 93.29% of the stock is currently 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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