Patrick Industries, Inc. (NASDAQ:PATK – Get Free Report) shares reached a new 52-week low during trading on Thursday. The company traded as low as $66.90 and last traded at $66.6660, with a volume of 27775 shares trading hands. The stock had previously closed at $67.78.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on PATK shares. Northcoast Research set a $121.00 price target on Patrick Industries and gave the stock a “buy” rating in a research note on Tuesday, September 1st. Raymond James Financial reiterated an “outperform” rating and issued a $94.00 target price on shares of Patrick Industries in a research note on Friday, July 31st. KeyCorp decreased their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Truist Financial set a $108.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a research note on Monday, August 10th. Finally, Benchmark restated a “buy” rating and issued a $115.00 price target (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Seven 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $114.00.
Get Our Latest Stock Report on Patrick Industries
Patrick Industries Stock Down 1.2%
Patrick Industries (NASDAQ:PATK – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $994.95 million. During the same quarter in the prior year, the company earned $1.50 EPS. The company’s revenue was down .6% compared to the same quarter last year. As a group, equities research analysts expect that Patrick Industries, Inc. will post 4.24 earnings per share 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 dividend of $0.47 per share. The ex-dividend date was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a yield of 2.8%. Patrick Industries’s dividend payout ratio is currently 44.55%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new position in shares of Patrick Industries in the 2nd quarter worth $65,138,000. Bank of America Corp DE bought a new stake in Patrick Industries during the second quarter valued at about $30,646,000. The Manufacturers Life Insurance Company purchased a new position in Patrick Industries in the second quarter valued at about $27,166,000. Capital Research Global Investors grew its stake in Patrick Industries by 24.4% in the fourth 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 bought a new position in Patrick Industries in the second quarter worth about $9,485,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.
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.
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