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

Key Points

• Patrick Industries fell to a new 52-week low, trading as low as $80.46 and closing around $80.44, below its 50-day and 200-day moving averages.
• Despite the decline, analysts maintain a “Moderate Buy” consensus with an average price target of $114, substantially above the recent trading price.
• The company exceeded quarterly earnings and revenue expectations, reporting $1.29 EPS and $1.04 billion in revenue, while declaring a quarterly dividend of $0.47 per share.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) reached a new 52-week low on Tuesday . The company traded as low as $80.46 and last traded at $80.44, with a volume of 130093 shares changing hands. The stock had previously closed at $82.84.

Analyst Ratings Changes

Several brokerages have commented on PATK. Raymond James Financial reaffirmed an "outperform" rating and set a $94.00 target price on shares of Patrick Industries in a report on Friday, July 31st. Roth Capital set a $114.00 price objective on Patrick Industries in a research note on Friday, July 31st. Truist Financial set a $108.00 target price on Patrick Industries and gave the company a "buy" rating in a report on Monday, August 10th. Northcoast Research set a $121.00 target price on shares of Patrick Industries and gave the company a "buy" rating in a research report on Tuesday, September 1st. Finally, Benchmark restated a "buy" rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and a consensus target price of $114.00.

Patrick Industries Stock Down 2.9%

The firm has a 50 day moving average of $85.12 and a 200 day moving average of $96.89. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 19.06 and a beta of 1.11. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25.

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, topping analysts' consensus estimates of $1.24 by $0.05. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The company's revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.50 EPS. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 4.26 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, August 24th. This represents a $1.88 annualized dividend and a dividend yield of 2.3%. Patrick Industries's payout ratio is currently 44.55%.

Hedge Funds Weigh In On Patrick Industries

A number of large investors have recently modified their holdings of PATK. Advisory Services Network LLC acquired a new position in Patrick Industries during the third quarter worth $25,000. Persistent Asset Partners Ltd acquired a new position in shares of Patrick Industries during the second quarter valued at about $25,000. Allworth Financial LP increased its position in shares of Patrick Industries by 181.2% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company's stock worth $34,000 after acquiring an additional 203 shares in the last quarter. Strs Ohio acquired a new stake in shares of Patrick Industries in the 1st quarter worth about $42,000. Finally, Hantz Financial Services Inc. lifted its position in Patrick Industries by 73.0% in the 4th quarter. Hantz Financial Services Inc. now owns 564 shares of the construction company's stock valued at $61,000 after acquiring an additional 238 shares in the last quarter. 93.29% of the stock is currently owned by 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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