Patrick Industries (NASDAQ:PATK) Reaches New 52-Week Low on Analyst Downgrade

Patrick Industries, Inc. (NASDAQ:PATK) hit a new 52-week low on Tuesday after BMO Capital Markets lowered their price target on the stock from $120.00 to $100.00. BMO Capital Markets currently has an outperform rating on the stock. Patrick Industries traded as low as $63.00 and last traded at $64.20, with a volume of 372,631 shares changing hands. The stock had previously closed at $63.46.

A number of other research firms have also commented on PATK. 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 Tuesday, September 29th. Northcoast Research set a $121.00 price target on Patrick Industries and gave the company a “buy” rating in a research note on Tuesday, September 1st. Roth Capital set a $114.00 price target on Patrick Industries in a research report on Friday, July 31st. Finally, KeyCorp reduced their price target on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, October 8th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.78.

Institutional Trading of Patrick Industries

A number of hedge funds have recently modified their holdings of PATK. Foster & Motley Inc. acquired a new stake in Patrick Industries during the 2nd quarter worth $1,347,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Patrick Industries during the first quarter worth about $5,220,000. Jupiter Topco LLC acquired a new position in Patrick Industries in the second quarter valued at about $1,289,000. Bank of America Corp DE acquired a new position in Patrick Industries in the second quarter valued at about $30,646,000. Finally, Atom Investors LP acquired a new position in Patrick Industries in the fourth quarter valued at about $7,272,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Down 1.6%

The firm has a fifty day simple moving average of $76.17 and a 200-day simple moving average of $87.26. The company has a market capitalization of $2.03 billion, a P/E ratio of 15.00 and a beta of 1.16. 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) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $994.95 million. During the same quarter last year, the firm posted $1.50 earnings per share. Patrick Industries’s revenue was down .6% compared to the same quarter last year. On average, equities research analysts expect that Patrick Industries, Inc. will post 4.17 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, August 24th. Patrick Industries’s dividend payout ratio is presently 44.55%.

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.