Patrick Industries (NASDAQ:PATK) Hits New 52-Week Low - What's Next?

Key Points

• Patrick Industries shares hit a new 52-week low, falling to $72.95 during Monday trading and closing near $72.98.
• Despite the selloff, analysts maintain a consensus “Moderate Buy” rating with an average price target of $114, although several firms recently lowered their targets.
• The company beat quarterly earnings and revenue estimates, while maintaining a $0.47 quarterly dividend; institutional investors own a substantial 93.29% of outstanding shares.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $72.95 and last traded at $72.98, with a volume of 623665 shares trading hands. The stock had previously closed at $73.40.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of analyst reports. 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 research report on Wednesday, July 22nd. Roth Capital set a $114.00 price target on shares of Patrick Industries in a research note on Friday, July 31st. Truist Financial set a $108.00 price target on shares of Patrick Industries and gave the stock a "buy" rating in a report on Monday, August 10th. Benchmark restated a "buy" rating and issued a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Finally, Weiss Ratings lowered Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, June 29th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $114.00.

Patrick Industries Stock Down 0.6%

The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 17.29 and a beta of 1.11. The firm's 50-day simple moving average is $84.33 and its two-hundred day simple moving average is $95.24.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $0.05. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company's revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the firm earned $1.50 EPS. Sell-side analysts predict that Patrick Industries, Inc. will post 4.26 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Monday, August 24th. Patrick Industries's payout ratio is presently 44.55%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System grew its position in shares of Patrick Industries by 8,620.2% in the second quarter. California State Teachers Retirement System now owns 3,313,510 shares of the construction company's stock valued at $297,487,000 after purchasing an additional 3,275,512 shares during the last quarter. Capital Research Global Investors lifted its stake 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 valued at $123,342,000 after buying an additional 223,014 shares in the last quarter. Geode Capital Management LLC lifted its stake in Patrick Industries by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company's stock valued at $88,870,000 after buying an additional 4,816 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Patrick Industries during the 2nd quarter valued at $65,138,000. Finally, Copeland Capital Management LLC grew its holdings in Patrick Industries by 17.6% during the 1st quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company's stock valued at $62,589,000 after buying an additional 84,508 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and supplier of component products and building materials for the recreational vehicle, marine, manufactured housing, powersports, and industrial markets. The company serves original equipment manufacturers and other customers primarily through a broad network of manufacturing and distribution operations.

Its products include cabinetry, furniture, countertops, flooring, hardware, electronics, electrical and wiring components, plumbing products, decorative panels, laminates, fabricated metals, plastics, and other interior and exterior components.

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