Patrick Industries (NASDAQ:PATK) Hits New 12-Month Low – Time to Sell?

Patrick Industries, Inc. (NASDAQ:PATK)’s share price reached a new 52-week low on Wednesday. The stock traded as low as $65.18 and last traded at $64.9930, with a volume of 110466 shares changing hands. The stock had previously closed at $66.64.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Weiss Ratings cut shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. Northcoast Research set a $121.00 price target on Patrick Industries and gave the company a “buy” rating in a research report on Tuesday, September 1st. Roth Capital set a $114.00 price objective on Patrick Industries in a research note on Friday, July 31st. Raymond James Financial reaffirmed an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. Finally, Truist Financial set a $108.00 price target on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Monday, August 10th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Patrick Industries Trading Down 2.6%

The business’s 50-day simple moving average is $78.68 and its 200-day simple moving average is $89.21. The company has a market cap of $2.08 billion, a price-to-earnings ratio of 15.39 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping 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 net margin of 3.74% and a return on equity of 12.69%. The company’s revenue was down .6% on a year-over-year basis. During the same period last year, the company posted $1.50 EPS. Research analysts predict that Patrick Industries, Inc. will post 4.24 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were issued a $0.47 dividend. The ex-dividend date was Monday, August 24th. This represents a $1.88 annualized dividend and a yield of 2.9%. Patrick Industries’s payout ratio is 44.55%.

Institutional Trading of Patrick Industries

A number of institutional investors and hedge funds have recently made changes to their positions in PATK. Congress Asset Management Co. increased its stake in Patrick Industries by 21.4% during the third quarter. Congress Asset Management Co. now owns 202,196 shares of the construction company’s stock worth $13,705,000 after acquiring an additional 35,679 shares during the last quarter. Versant Capital Management Inc lifted its position in Patrick Industries by 5,431.2% during the third quarter. Versant Capital Management Inc now owns 885 shares of the construction company’s stock valued at $60,000 after buying an additional 869 shares in the last quarter. Tidal Investments LLC purchased a new stake in Patrick Industries during the second quarter worth approximately $548,000. Integrated Wealth Concepts LLC purchased a new stake in Patrick Industries during the second quarter worth approximately $34,000. Finally, Corient Private Wealth LP increased its position in shares of Patrick Industries by 16.7% in the second quarter. Corient Private Wealth LP now owns 3,810 shares of the construction company’s stock worth $342,000 after acquiring an additional 544 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

About Patrick Industries

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.