Patrick Industries (NASDAQ:PATK) Stock Price Down 6.2% Following Analyst Downgrade

Patrick Industries, Inc. (NASDAQ:PATK)’s share price was down 6.2% during mid-day trading on Friday after KeyCorp lowered their price target on the stock from $140.00 to $125.00. KeyCorp currently has an overweight rating on the stock. Patrick Industries traded as low as $86.86 and last traded at $87.2590. Approximately 230,548 shares were traded during trading, a decline of 44% from the average daily volume of 412,045 shares. The stock had previously closed at $93.00.

A number of other equities analysts also recently issued reports on PATK. Roth Mkm reiterated a “buy” rating and set a $140.00 price objective (down from $157.00) on shares of Patrick Industries in a research note on Thursday, April 16th. Weiss Ratings upgraded Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Benchmark dropped their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research report on Friday. Truist Financial set a $126.00 price target on Patrick Industries in a report on Friday, January 9th. Finally, Wall Street Zen lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and an average price target of $124.13.

Insider Transactions at Patrick Industries

In other news, Director M Scott Welch bought 10,000 shares of the stock in a transaction on Thursday, March 12th. The stock was bought at an average cost of $113.68 per share, for a total transaction of $1,136,800.00. Following the completion of the purchase, the director directly owned 146,000 shares in the company, valued at approximately $16,597,280. The trade was a 7.35% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stacey L. Amundson sold 3,903 shares of Patrick Industries stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total transaction of $568,315.83. Following the completion of the transaction, the executive vice president directly owned 12,819 shares in the company, valued at $1,866,574.59. This represents a 23.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have bought 11,110 shares of company stock worth $1,289,895 and have sold 20,121 shares worth $2,477,337. 3.80% of the stock is currently owned by corporate insiders.

Key Patrick Industries News

Here are the key news stories impacting Patrick Industries this week:

• Positive Sentiment: Q1 results slightly beat consensus — EPS $1.10 vs. $1.08 estimate and revenue $997.2M vs. $989.1M estimate; the beat shows near-term operating resilience despite revenue being roughly flat year-over-year. PR Newswire: Q1 Financial Results
• Positive Sentiment: Analysts kept constructive ratings — Benchmark and KeyCorp left “buy/overweight” stances even after lowering targets, and the revised targets still imply substantial upside (KeyCorp $125 ≈ 40.5% upside; Benchmark $135 ≈ 51.7% upside vs. current price). Benzinga: Analyst Notes
• Neutral Sentiment: Earnings materials and call details are available for due diligence — slide deck and full transcript provide management commentary on margins, liquidity and potential M&A/merger talks that investors are watching. Earnings Call Transcript
• Neutral Sentiment: Analyst write-ups (Zacks, MarketBeat, Stamford Advocate) highlight key metrics — ROE (~13.3%), net margin (~3.4%), and slight revenue decline; these contextual pieces help assess whether the beat is durable. Zacks: Q1 Coverage
• Negative Sentiment: KeyCorp lowered its price target from $140 to $125 — the cut signals tempered near-term expectations and likely pressured the share price despite the retained overweight rating. The Fly / Benzinga: KeyCorp PT Cut
• Negative Sentiment: Benchmark lowered its price target from $150 to $135 — another analyst-led reduction adding selling pressure even though the firm kept a buy rating. Benzinga: Benchmark PT Cut

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PATK. Hodges Capital Management Inc. acquired a new stake in Patrick Industries in the first quarter worth about $1,955,000. Abel Hall LLC raised its position in shares of Patrick Industries by 37.2% in the 1st quarter. Abel Hall LLC now owns 2,767 shares of the construction company’s stock valued at $307,000 after purchasing an additional 750 shares during the last quarter. DGS Capital Management LLC boosted its stake in Patrick Industries by 24.3% in the 1st quarter. DGS Capital Management LLC now owns 2,972 shares of the construction company’s stock worth $330,000 after purchasing an additional 581 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in Patrick Industries during the 1st quarter worth approximately $378,000. Finally, Strs Ohio increased its stake in Patrick Industries by 17.1% during the 1st quarter. Strs Ohio now owns 48,000 shares of the construction company’s stock valued at $5,331,000 after purchasing an additional 7,000 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Price Performance

The stock’s 50 day simple moving average is $112.42 and its 200-day simple moving average is $113.82. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 22.30 and a beta of 1.35. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51.

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 3.42% and a return on equity of 13.28%. 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 5.37 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.2%. The ex-dividend date was Monday, February 23rd. Patrick Industries’s payout ratio is presently 48.08%.

About Patrick Industries

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.