Patrick Industries (NASDAQ:PATK) Shares Down 4.7% - Time to Sell?

Key Points

• Shares fell about 4.7% intraday to $112.08 with ~321,506 shares traded (roughly 7% below average), leaving the stock below its 50‑day ($123.02) and 200‑day ($114.02) moving averages.
• Wall Street remains generally positive with a consensus rating of "Moderate Buy" (7 Buys, 2 Holds) and a consensus target price of $133.25, with analyst targets ranging from $126 to $155.
• Patrick beat the latest quarter estimates (EPS $0.84 vs $0.74; revenue $924.2M vs $858.6M, +9.2% YoY), has a $3.7B market cap and 1.7% dividend yield, and saw insider buying including a director purchase of 10,000 shares at $113.68.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report)'s stock price was down 4.7% during trading on Monday . The stock traded as low as $113.81 and last traded at $112.08. Approximately 321,506 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 347,400 shares. The stock had previously closed at $117.60.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PATK shares. Robert W. Baird set a $140.00 target price on shares of Patrick Industries in a research note on Friday, February 6th. Benchmark reaffirmed a "buy" rating on shares of Patrick Industries in a research note on Friday, February 6th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $155.00 target price on shares of Patrick Industries in a research note on Friday, February 6th. KeyCorp lowered their target price on shares of Patrick Industries from $155.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday. Finally, Truist Financial set a $126.00 target price on shares of Patrick Industries in a research note on Friday, January 9th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $133.25.

Patrick Industries Trading Down 5.0%

The firm has a market cap of $3.70 billion, a P/E ratio of 28.59 and a beta of 1.35. The business's 50-day moving average is $123.02 and its two-hundred day moving average is $114.02. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.10. The business had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The firm's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 earnings per share. As a group, analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were paid a $0.47 dividend. The ex-dividend date was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.7%. Patrick Industries's dividend payout ratio (DPR) is currently 48.08%.

Insider Transactions at Patrick Industries

In other news, Director M Scott Welch purchased 10,000 shares of the business's stock in a transaction on Thursday, March 12th. The stock was purchased at an average price of $113.68 per share, for a total transaction of $1,136,800.00. Following the completion of the purchase, the director directly owned 146,000 shares in the company, valued at $16,597,280. The trade was a 7.35% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew S. Filer purchased 1,000 shares of the business's stock in a transaction on Friday, February 6th. The stock was purchased at an average price of $139.91 per share, with a total value of $139,910.00. Following the purchase, the chief accounting officer owned 20,614 shares of the company's stock, valued at approximately $2,884,104.74. The trade was a 5.10% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 11,110 shares of company stock valued at $1,289,895 and have sold 20,121 shares valued at $2,477,337. 3.80% of the stock is owned by insiders.

Institutional Trading of Patrick Industries

A number of large investors have recently added to or reduced their stakes in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Patrick Industries by 4.6% in the first 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Patrick Industries by 5.6% in the first 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 acquiring an additional 3,748 shares during the last quarter. Strs Ohio acquired a new stake in Patrick Industries in the first quarter valued at $42,000. Cetera Investment Advisers lifted its stake in Patrick Industries by 64.8% in the second quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company's stock valued at $559,000 after acquiring an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in Patrick Industries in the second quarter valued at $340,000. Institutional investors and hedge funds own 93.29% of the company's stock.

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.

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