Patrick Industries (NASDAQ:PATK) Shares Gap Down – Here’s Why

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $93.18, but opened at $84.63. Patrick Industries shares last traded at $84.0550, with a volume of 195,658 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wall Street Zen lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Benchmark decreased their price target on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research note on Friday, May 1st. BMO Capital Markets reaffirmed an “outperform” rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Weiss Ratings downgraded shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, June 4th. Finally, KeyCorp reduced their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average target price of $122.62.

Patrick Industries Stock Performance

The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. The company has a market cap of $2.81 billion, a P/E ratio of 21.89 and a beta of 1.09. The stock has a 50 day moving average price of $91.97 and a two-hundred day moving average price of $110.32.

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

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend 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 stock in a transaction 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 completion of the purchase, the chief financial officer owned 21,614 shares in the company, valued at $1,847,997. The trade was a 4.85% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Blake Augsburger acquired 400 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average cost of $85.19 per share, with a total value of $34,076.00. Following the purchase, the director owned 2,125 shares in the company, valued at $181,028.75. The trade was a 23.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders acquired 28,700 shares of company stock valued at $2,532,880. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several large investors have recently bought and sold shares of PATK. Mackenzie Financial Corp increased its stake in shares of Patrick Industries by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock valued at $231,000 after buying an additional 80 shares during the period. CIBC Asset Management Inc grew its stake in shares of Patrick Industries by 4.1% in the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock worth $245,000 after purchasing an additional 88 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in shares of Patrick Industries by 4.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after buying an additional 98 shares during the period. Oregon Public Employees Retirement Fund increased its position in Patrick Industries by 1.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock valued at $821,000 after purchasing an additional 100 shares during the period. Finally, California State Teachers Retirement System increased its position in shares of Patrick Industries by 0.5% during the second quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock worth $2,725,000 after buying an additional 154 shares during the period. 93.29% of the stock is currently owned by institutional investors.

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.