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

Patrick Industries, Inc. (NASDAQ:PATK) gapped down before the market opened on Friday . The stock had previously closed at $133.02, but opened at $128.38. Patrick Industries shares last traded at $128.2760, with a volume of 5,180 shares.

Wall Street Analysts Forecast Growth

PATK has been the topic of a number of analyst reports. Truist Financial set a $126.00 target price on Patrick Industries in a research report on Friday, January 9th. Loop Capital initiated coverage on Patrick Industries in a research note on Friday, October 31st. They set a “hold” rating and a $99.00 price objective for the company. Roth Mkm set a $115.00 target price on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Friday, October 31st. Benchmark reiterated a “buy” rating and set a $140.00 price target (up from $115.00) on shares of Patrick Industries in a report on Friday, January 16th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $115.00 price objective on shares of Patrick Industries in a research report on Friday, October 31st. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $116.13.

Patrick Industries Stock Performance

The company has a market cap of $4.30 billion, a P/E ratio of 36.91, a P/E/G ratio of 1.39 and a beta of 1.34. The company has a quick ratio of 0.86, a current ratio of 2.34 and a debt-to-equity ratio of 1.13. The business has a fifty day simple moving average of $112.09 and a two-hundred day simple moving average of $106.95.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. Patrick Industries had a return on equity of 12.44% and a net margin of 3.11%.The business had revenue of $975.63 million during the quarter, compared to analyst estimates of $900.35 million. During the same quarter in the prior year, the business posted $1.80 EPS. Patrick Industries’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a dividend of $0.47 per share. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. This represents a $1.88 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, December 1st. Patrick Industries’s payout ratio is 53.71%.

Insider Transactions at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total value of $2,875,000.00. Following the completion of the sale, the chief executive officer directly owned 301,641 shares in the company, valued at $34,688,715. This trade represents a 7.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Patrick Industries by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $1,632,000 after buying an additional 851 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Patrick Industries by 5.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after purchasing an additional 3,748 shares during the last quarter. Strs Ohio acquired a new position in Patrick Industries in the 1st quarter valued at about $42,000. Public Employees Retirement System of Ohio grew its stake in shares of Patrick Industries by 1,327.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 12,117 shares of the construction company’s stock valued at $1,118,000 after buying an additional 11,268 shares during the period. Finally, State of Alaska Department of Revenue increased its holdings in shares of Patrick Industries by 6.7% during the 2nd quarter. State of Alaska Department of Revenue now owns 19,864 shares of the construction company’s stock worth $1,832,000 after buying an additional 1,247 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.