Patrick Industries (NASDAQ:PATK) Sets New 12-Month Low – Here’s Why

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $83.91 and last traded at $84.2950, with a volume of 101773 shares trading hands. The stock had previously closed at $87.88.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. KeyCorp reduced their target price on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Roth Mkm set a $128.00 price objective on shares of Patrick Industries in a research note on Tuesday, May 5th. Benchmark dropped their price objective on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Wall Street Zen downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Finally, Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research note on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $122.63.

Patrick Industries Stock Performance

The stock’s 50-day moving average is $98.61 and its 200-day moving average is $112.14. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of 21.51 and a beta of 1.09. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company’s revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.11 EPS. On average, analysts expect that Patrick Industries, Inc. will post 4.94 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s dividend payout ratio is 48.21%.

Insider Activity

In other Patrick Industries news, CFO Matthew S. Filer bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average price of $85.50 per share, with a total value of $85,500.00. Following the transaction, the chief financial officer owned 21,614 shares in the company, valued at $1,847,997. This trade represents a 4.85% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director M Scott Welch bought 10,050 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average cost of $88.23 per share, with a total value of $886,711.50. Following the transaction, the director owned 156,000 shares in the company, valued at approximately $13,763,880. This represents a 6.89% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 37,300 shares of company stock worth $3,537,054. Insiders own 3.80% of the company’s stock.

Institutional Trading of Patrick Industries

Large investors have recently bought and sold shares of the company. First National Bank of Omaha acquired a new stake in Patrick Industries in the third quarter valued at approximately $601,000. SG Americas Securities LLC grew its position in Patrick Industries by 12,134.2% in the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after acquiring an additional 257,245 shares in the last quarter. Bessemer Group Inc. grew its position in Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after acquiring an additional 145,863 shares in the last quarter. Copeland Capital Management LLC grew its position in Patrick Industries by 23.4% in the fourth quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock valued at $51,938,000 after acquiring an additional 90,691 shares in the last quarter. Finally, Mairs & Power Inc. acquired a new stake in Patrick Industries in the third quarter valued at approximately $2,419,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.