Patrick Industries (NASDAQ:PATK) Hits New 12-Month Low – Time to Sell?

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

Analysts Set New Price Targets

PATK has been the topic of several analyst reports. Benchmark reaffirmed 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. Weiss Ratings cut shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, September 29th. Northcoast Research set a $121.00 price target on shares of Patrick Industries and gave the company a “buy” rating in a research note on Tuesday, September 1st. Truist Financial set a $108.00 target price on Patrick Industries and gave the company a “buy” rating in a report on Monday, August 10th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $94.00 price target on shares of Patrick Industries in a research note on Friday, July 31st. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

Patrick Industries Price Performance

The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The stock’s 50 day simple moving average is $78.68 and its two-hundred day simple moving average is $89.21. The firm has a market capitalization of $2.08 billion, a PE ratio of 15.39 and a beta of 1.16.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $994.95 million. During the same period in the prior year, the business earned $1.50 earnings per share. The business’s revenue was down .6% compared to the same quarter last year. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 4.24 EPS for the current year.

Patrick Industries Announces Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new stake in Patrick Industries in the second quarter valued at approximately $65,138,000. Bank of America Corp DE purchased a new position in Patrick Industries in the second quarter valued at $30,646,000. The Manufacturers Life Insurance Company acquired a new position in shares of Patrick Industries during the second quarter worth about $27,166,000. Capital Research Global Investors increased its position in shares of Patrick Industries by 24.4% in the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after purchasing an additional 223,014 shares during the last quarter. Finally, 1ST Source Bank purchased a new position in Patrick Industries in the second quarter valued at $9,485,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.