Patrick Industries (NASDAQ:PATK) Sets New 52-Week Low – Here’s What Happened

Patrick Industries, Inc. (NASDAQ:PATK) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $80.46 and last traded at $80.44, with a volume of 130093 shares. The stock had previously closed at $82.84.

Analysts Set New Price Targets

Several research analysts recently issued reports on PATK shares. Raymond James Financial reaffirmed an “outperform” rating and set a $94.00 target price on shares of Patrick Industries in a research report on Friday, July 31st. Weiss Ratings downgraded shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. KeyCorp reduced their target price on shares of Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, July 22nd. Benchmark reissued a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Finally, Northcoast Research set a $121.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a research report on Tuesday, September 1st. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Patrick Industries Stock Performance

The company’s 50-day moving average is $85.12 and its two-hundred day moving average is $96.89. 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 market cap of $2.58 billion, a P/E ratio of 19.06 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $994.95 million. During the same quarter in the prior year, the business earned $1.50 earnings per share. Patrick Industries’s revenue for the quarter was down .6% on a year-over-year basis. Equities analysts predict that Patrick Industries, Inc. will post 4.26 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, August 24th. Patrick Industries’s dividend payout ratio is currently 44.55%.

Institutional Investors Weigh In On Patrick Industries

Large investors have recently added to or reduced their stakes in the company. Corient Private Wealth LP raised its stake in Patrick Industries by 16.7% in the 2nd quarter. Corient Private Wealth LP now owns 3,810 shares of the construction company’s stock valued at $342,000 after acquiring an additional 544 shares during the period. Amundi purchased a new position in shares of Patrick Industries in the second quarter worth about $395,000. California State Teachers Retirement System raised its position in shares of Patrick Industries by 8,620.2% in the second quarter. California State Teachers Retirement System now owns 3,313,510 shares of the construction company’s stock valued at $297,487,000 after purchasing an additional 3,275,512 shares during the period. KFG Wealth Management LLC lifted its stake in shares of Patrick Industries by 13.7% during the 2nd quarter. KFG Wealth Management LLC now owns 12,635 shares of the construction company’s stock valued at $1,134,000 after buying an additional 1,520 shares in the last quarter. Finally, Ancora Advisors LLC boosted its holdings in Patrick Industries by 3,099.0% in the 2nd quarter. Ancora Advisors LLC now owns 6,462 shares of the construction company’s stock worth $580,000 after buying an additional 6,260 shares during the period. Hedge funds and other institutional investors 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.