Patrick Industries (NASDAQ:PATK) Sets New 52-Week Low - Here's What Happened

Key Points

• Patrick Industries shares hit a new 52-week low, falling to $81.29 from a previous close of $83.47. The stock trades below its 50-day and 200-day moving averages.
• Analyst sentiment remains mostly positive, with a consensus “Moderate Buy” rating and an average price target of $113.12, despite several recent target-price cuts and one downgrade to “strong sell.”
• The company beat quarterly expectations with EPS of $1.29 versus $1.24 expected and revenue of $1.04 billion, while revenue declined 0.6% year over year. Patrick also declared a quarterly dividend of $0.47, representing a 2.3% annualized yield.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $81.29 and last traded at $81.30, with a volume of 211975 shares. The stock had previously closed at $83.47.

Wall Street Analyst Weigh In

Several equities analysts have commented on PATK shares. Zacks Research lowered shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 5th. KeyCorp reduced their target price on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Wednesday, July 22nd. Truist Financial set a $108.00 target price on shares of Patrick Industries and gave the stock a "buy" rating in a report on Monday, August 10th. Weiss Ratings cut shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, June 29th. Finally, Benchmark reaffirmed a "buy" rating and issued a $115.00 price target (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Six 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 stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $113.12.

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 business has a 50 day simple moving average of $86.16 and a two-hundred day simple moving average of $99.45. The firm has a market cap of $2.63 billion, a PE ratio of 19.39 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its 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 firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The business's revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.50 earnings per share. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 4.26 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Corient Private Wealth LP raised its position in Patrick Industries by 16.7% during 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 bought a new position in shares of Patrick Industries during the 2nd quarter worth $395,000. California State Teachers Retirement System increased its stake in shares of Patrick Industries by 8,620.2% during 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 buying an additional 3,275,512 shares during the period. KFG Wealth Management LLC increased its stake in shares of Patrick Industries by 13.7% during the second quarter. KFG Wealth Management LLC now owns 12,635 shares of the construction company's stock valued at $1,134,000 after buying an additional 1,520 shares during the period. Finally, Ancora Advisors LLC increased its stake in shares of Patrick Industries by 3,099.0% during the second quarter. Ancora Advisors LLC now owns 6,462 shares of the construction company's stock valued at $580,000 after buying an additional 6,260 shares during the period. 93.29% of the stock is currently owned by hedge funds and other 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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