Patrick Industries (NASDAQ:PATK) Hits New 12-Month Low - What's Next?

Key Points

• Patrick Industries shares fell to a new 52-week low of $63.00, with the stock last trading at $64.20 and well below its 50-day and 200-day moving averages.
• Analysts remain broadly positive, with seven Buy ratings, two Holds and one Sell; however, several firms recently lowered their price targets. The consensus rating is “Moderate Buy,” with an average target of $112.33.
• The company exceeded quarterly earnings and revenue estimates, but revenue declined 0.6% year over year. Patrick Industries also pays a quarterly dividend of $0.47, equal to a 2.9% annualized yield.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) shares hit a new 52-week low during trading on Tuesday. The stock traded as low as $63.00 and last traded at $64.20, with a volume of 372,631 shares traded. The stock had previously closed at $63.46.

Analyst Ratings Changes

Several brokerages have recently weighed in on PATK. Benchmark reissued a "buy" rating and issued a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Northcoast Research set a $121.00 price objective on Patrick Industries and gave the stock a "buy" rating in a research note on Tuesday, September 1st. Weiss Ratings cut Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, September 29th. Raymond James Financial restated an "outperform" rating and set a $94.00 price target on shares of Patrick Industries in a report on Friday, July 31st. Finally, KeyCorp dropped their price target on shares of Patrick Industries from $115.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, October 8th. Seven 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.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $112.33.

Patrick Industries Stock Performance

The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $2.06 billion, a P/E ratio of 15.21 and a beta of 1.16. The company's 50 day moving average is $77.10 and its 200-day moving average is $87.91.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $994.95 million. During the same period in the previous year, the firm posted $1.50 earnings per share. The business's revenue was down .6% compared to the same quarter last year. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 4.17 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were paid a $0.47 dividend. The ex-dividend date was Monday, August 24th. This represents a $1.88 annualized dividend and a dividend yield of 2.9%. Patrick Industries's dividend payout ratio (DPR) is currently 44.55%.

Hedge Funds Weigh In On Patrick Industries

Institutional investors have recently modified their holdings of the company. Foster & Motley Inc. bought a new stake in Patrick Industries during the second quarter worth $1,347,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Patrick Industries in the 1st quarter valued at $5,220,000. Jupiter Topco LLC bought a new position in Patrick Industries in the 2nd quarter valued at $1,289,000. Bank of America Corp DE bought a new position in Patrick Industries in the 2nd quarter valued at $30,646,000. Finally, Atom Investors LP purchased a new stake in shares of Patrick Industries during the 4th quarter valued at $7,272,000. 93.29% of the stock is owned by institutional investors and hedge funds.

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.

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