Patrick Industries (NASDAQ:PATK) Reaches New 1-Year Low – Time to Sell?

Patrick Industries, Inc. (NASDAQ:PATK) shares reached a new 52-week low on Monday . The company traded as low as $72.95 and last traded at $72.98, with a volume of 623665 shares. The stock had previously closed at $73.40.

Wall Street Analysts Forecast Growth

PATK has been the subject of several recent research reports. Truist Financial set a $108.00 price target on Patrick Industries and gave the company a “buy” rating in a research note on Monday, August 10th. KeyCorp cut their price objective on shares of Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 22nd. Benchmark reiterated a “buy” rating and issued a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Raymond James Financial reissued an “outperform” rating and issued a $94.00 target price on shares of Patrick Industries in a research report on Friday, July 31st. Finally, Roth Capital set a $114.00 price target on shares of Patrick Industries in a research note on Friday, July 31st. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Patrick Industries Stock Down 3.0%

The stock has a market capitalization of $2.27 billion, a P/E ratio of 16.78 and a beta of 1.11. 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 business has a 50-day simple moving average of $83.73 and a two-hundred day simple moving average of $94.44.

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, beating analysts’ consensus estimates of $1.24 by $0.05. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The business’s revenue was down .6% on a year-over-year basis. During the same period last year, the firm posted $1.50 EPS. Equities research analysts forecast that Patrick Industries, Inc. will post 4.26 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Monday, August 24th. Patrick Industries’s dividend payout ratio (DPR) is presently 44.55%.

Institutional Trading of Patrick Industries

Several hedge funds and other institutional investors have recently modified their holdings of the company. Persistent Asset Partners Ltd acquired a new position in Patrick Industries during the 2nd quarter worth approximately $25,000. Allworth Financial LP grew its position in shares of Patrick Industries by 181.2% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after purchasing an additional 203 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Patrick Industries in the second quarter valued at about $34,000. State of Wyoming acquired a new stake in Patrick Industries in the 2nd quarter worth about $52,000. Finally, Hantz Financial Services Inc. increased its holdings in shares of Patrick Industries by 73.0% during the fourth quarter. Hantz Financial Services Inc. now owns 564 shares of the construction company’s stock worth $61,000 after purchasing an additional 238 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and supplier of component products and building materials for the recreational vehicle, marine, manufactured housing, powersports, and industrial markets. The company serves original equipment manufacturers and other customers primarily through a broad network of manufacturing and distribution operations.

Its products include cabinetry, furniture, countertops, flooring, hardware, electronics, electrical and wiring components, plumbing products, decorative panels, laminates, fabricated metals, plastics, and other interior and exterior components.