Patrick Industries (NASDAQ:PATK) Sets New 52-Week Low After Analyst Downgrade

Patrick Industries, Inc. (NASDAQ:PATK) shares reached a new 52-week low during mid-day trading 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 trading hands. The stock had previously closed at $63.46.

Other research analysts have also issued reports about the company. Raymond James Financial reissued an “outperform” rating and set a $94.00 target price on shares of Patrick Industries in a report on Friday, July 31st. Roth Capital set a $114.00 price target on Patrick Industries in a report on Friday, July 31st. Northcoast Research set a $121.00 price target on Patrick Industries and gave the company a “buy” rating in a report on Tuesday, September 1st. 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. Finally, Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a report on Monday, August 10th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $106.78.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently bought and sold shares of PATK. Persistent Asset Partners Ltd acquired a new stake in Patrick Industries in the second quarter worth $25,000. Integrated Wealth Concepts LLC bought a new stake in shares of Patrick Industries during the 2nd quarter worth $34,000. State of Wyoming purchased a new position in Patrick Industries in the second quarter valued at approximately $52,000. Public Employees Retirement System of Ohio purchased a new stake in Patrick Industries during the second quarter valued at about $74,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in Patrick Industries in the 2nd quarter worth approximately $75,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

The company has a market capitalization of $2.03 billion, a PE 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. The company has a 50-day moving average price of $76.17 and a two-hundred day moving average price of $87.26.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.05. The firm had revenue of $1.04 billion for 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 business’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.50 earnings per share. Analysts predict that Patrick Industries, Inc. will post 4.17 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

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