Patrick Industries (NASDAQ:PATK) Reaches New 12-Month Low - Should You Sell?

Key Points

• Patrick Industries shares fell to a new 52-week low of $68.50, well below their 50-day and 200-day moving averages of $82.92 and $93.28, respectively.
• Despite the decline, analysts maintain a “Moderate Buy” consensus, with a $114 average price target; seven analysts rate the stock a Buy, two Hold, and one Sell.
• The company recently exceeded quarterly earnings and revenue expectations, while maintaining a quarterly dividend of $0.47 per share, equivalent to a 2.7% annual yield.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report)'s share price reached a new 52-week low on Monday . The stock traded as low as $68.50 and last traded at $69.0580, with a volume of 1480511 shares trading hands. The stock had previously closed at $68.71.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Truist Financial set a $108.00 target price on Patrick Industries and gave the stock a "buy" rating in a report on Monday, August 10th. Benchmark restated a "buy" rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Raymond James Financial reaffirmed an "outperform" rating and set a $94.00 price target on shares of Patrick Industries in a research report on Friday, July 31st. KeyCorp dropped their price objective on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Finally, Weiss Ratings raised Patrick Industries from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, September 14th. 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $114.00.

Patrick Industries Price Performance

The stock's 50-day moving average is $82.92 and its two-hundred day moving average is $93.28. The stock has a market cap of $2.21 billion, a PE ratio of 16.27 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $1.04 billion during 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 was down .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 earnings per share. On average, equities analysts predict that Patrick Industries, Inc. will post 4.24 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.7%. Patrick Industries's dividend payout ratio is currently 44.55%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PATK. Tidal Investments LLC purchased a new position in Patrick Industries in the second quarter worth approximately $548,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Patrick Industries in the 2nd quarter valued at approximately $34,000. Corient Private Wealth LP raised its holdings in shares of Patrick Industries by 16.7% in the 2nd quarter. Corient Private Wealth LP now owns 3,810 shares of the construction company's stock valued at $342,000 after purchasing an additional 544 shares in the last quarter. Amundi purchased a new stake in shares of Patrick Industries during the 2nd quarter worth $395,000. Finally, KFG Wealth Management LLC lifted its position in shares of Patrick Industries by 13.7% during the 2nd quarter. KFG Wealth Management LLC now owns 12,635 shares of the construction company's stock worth $1,134,000 after purchasing an additional 1,520 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

About Patrick Industries

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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