Patrick Industries (NASDAQ:PATK) Sets New 1-Year Low – Here’s What Happened

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

Analysts Set New Price Targets

PATK has been the subject of several research reports. KeyCorp reduced their price target on shares of Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday. Weiss Ratings downgraded 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 objective on shares of Patrick Industries and gave the company a “buy” rating in a research note on Tuesday, September 1st. Raymond James Financial reiterated an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a report on Friday, July 31st. Finally, Benchmark reissued a “buy” rating and set a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $112.33.

Patrick Industries Stock Performance

The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. The company’s fifty day moving average price is $77.87 and its 200 day moving average price is $88.59. The company has a market cap of $2.09 billion, a PE ratio of 15.42 and a beta of 1.16.

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. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $994.95 million. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.50 earnings per share. On average, equities research analysts predict that Patrick Industries, Inc. will post 4.24 earnings per share for the current year.

Patrick Industries Dividend Announcement

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

Institutional Trading of Patrick Industries

A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp bought a new position in Patrick Industries in the 2nd quarter valued at $65,138,000. Copeland Capital Management LLC boosted its holdings in shares of Patrick Industries by 17.6% in the 1st quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company’s stock worth $62,589,000 after buying an additional 84,508 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Patrick Industries in the 2nd quarter worth about $30,646,000. The Manufacturers Life Insurance Company bought a new position in Patrick Industries during the second quarter valued at about $27,166,000. Finally, Kennedy Capital Management LLC grew its position in Patrick Industries by 14.2% during the fourth quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company’s stock valued at $25,913,000 after buying an additional 29,714 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

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.