Patrick Industries (NASDAQ:PATK) Hits New 52-Week Low – Time to Sell?

Patrick Industries, Inc. (NASDAQ:PATK)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $81.75 and last traded at $81.87, with a volume of 33828 shares traded. The stock had previously closed at $83.43.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Truist Financial decreased their target price on shares of Patrick Industries from $126.00 to $113.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. Robert W. Baird set a $110.00 price target on Patrick Industries in a research report on Friday, May 1st. Roth Capital set a $128.00 price objective on Patrick Industries in a report on Tuesday, May 5th. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Six 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $121.00.

Patrick Industries Price Performance

The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 21.20 and a beta of 1.11. The stock’s 50 day simple moving average is $89.20 and its 200-day simple moving average is $108.36.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. During the same period in the previous year, the firm posted $1.11 earnings per share. The business’s revenue for the quarter was down .6% compared to the same quarter last year. Equities research analysts anticipate that Patrick Industries, Inc. will post 4.63 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a yield of 2.3%. Patrick Industries’s payout ratio is currently 48.21%.

Insider Activity at Patrick Industries

In other news, insider Charles R. Roeder purchased 5,750 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were acquired at an average price of $87.83 per share, for a total transaction of $505,022.50. Following the purchase, the insider owned 42,147 shares in the company, valued at $3,701,771.01. This trade represents a 15.80% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew S. Filer acquired 1,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average cost of $85.50 per share, for a total transaction of $85,500.00. Following the completion of the acquisition, the chief financial officer directly owned 21,614 shares of the company’s stock, valued at approximately $1,847,997. This trade represents a 4.85% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 28,700 shares of company stock worth $2,532,880 in the last quarter. 3.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors have recently bought and sold shares of PATK. Mackenzie Financial Corp boosted its holdings in shares of Patrick Industries by 4.0% in the 4th quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock valued at $231,000 after acquiring an additional 80 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Patrick Industries by 4.1% during the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock worth $245,000 after purchasing an additional 88 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in Patrick Industries by 4.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after purchasing an additional 98 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in Patrick Industries by 1.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock valued at $821,000 after purchasing an additional 100 shares during the last quarter. Finally, California State Teachers Retirement System boosted its holdings in Patrick Industries by 0.5% in the second quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock valued at $2,725,000 after purchasing an additional 154 shares during the last quarter. 93.29% of the stock is 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.