Patrick Industries (NASDAQ:PATK) Hits New 1-Year Low - Here's Why

Key Points

• Patrick Industries shares fell to a new 52-week low of $66.90, down from a prior close of $67.78, with the stock trading well below its 50-day and 200-day moving averages.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $114, although several firms recently lowered their targets.
• The company beat quarterly earnings and revenue expectations, reporting $1.29 in EPS and $1.04 billion in revenue, but revenue declined 0.6% year over year and EPS fell from $1.50 in the prior-year quarter.

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $66.90 and last traded at $66.6660, with a volume of 27775 shares. The stock had previously closed at $67.78.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PATK shares. Benchmark reaffirmed a "buy" rating and issued a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Weiss Ratings cut Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday. Truist Financial set a $108.00 price target on Patrick Industries and gave the stock a "buy" rating in a research note on Monday, August 10th. KeyCorp cut their price objective on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. Finally, Northcoast Research set a $121.00 price objective on shares of Patrick Industries and gave the company a "buy" rating in a research report on Tuesday, September 1st. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.00.

Patrick Industries Stock Down 1.2%

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 stock has a market capitalization of $2.15 billion, a P/E ratio of 15.81 and a beta of 1.11. The business has a 50-day moving average price of $80.20 and a 200 day moving average price of $90.55.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, beating analysts' consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. During the same period last year, the firm posted $1.50 earnings per share. Patrick Industries's revenue for the quarter was down .6% compared to the same quarter last year. On average, equities analysts expect that Patrick Industries, Inc. will post 4.24 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, August 24th. Patrick Industries's dividend payout ratio (DPR) is presently 44.55%.

Institutional Trading of Patrick Industries

Several hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in shares of Patrick Industries in the second quarter valued at $65,138,000. Bank of America Corp DE purchased a new position in shares of Patrick Industries during the 2nd quarter worth about $30,646,000. The Manufacturers Life Insurance Company bought a new position in Patrick Industries during the 2nd quarter valued at about $27,166,000. Capital Research Global Investors raised its position in Patrick Industries by 24.4% in the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company's stock worth $123,342,000 after purchasing an additional 223,014 shares during the period. Finally, 1ST Source Bank bought a new stake in Patrick Industries in the second quarter worth about $9,485,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty 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.