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

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $111.35, but opened at $108.05. Patrick Industries shares last traded at $107.5150, with a volume of 4,456 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Truist Financial set a $114.00 target price on Patrick Industries and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Loop Capital began coverage on Patrick Industries in a research note on Friday, October 31st. They issued a “hold” rating and a $99.00 price target for the company. Weiss Ratings cut shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. KeyCorp restated an “overweight” rating and set a $120.00 target price (up previously from $115.00) on shares of Patrick Industries in a research report on Wednesday, December 10th. Finally, Benchmark raised their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.56.

Patrick Industries Stock Up 1.8%

The business has a 50-day moving average price of $107.11 and a 200 day moving average price of $104.26. The company has a current ratio of 2.34, a quick ratio of 0.86 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $3.68 billion, a P/E ratio of 31.55, a P/E/G ratio of 1.15 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The company had revenue of $975.63 million for the quarter, compared to the consensus estimate of $900.35 million. During the same quarter in the prior year, the firm earned $1.80 earnings per share. Patrick Industries’s revenue was up 6.1% on a year-over-year basis. On average, equities analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, December 1st. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s payout ratio is 53.71%.

Insider Buying and Selling

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the sale, the chief executive officer directly owned 301,641 shares of the company’s stock, valued at $34,688,715. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Salomon & Ludwin LLC purchased a new stake in Patrick Industries during the 3rd quarter valued at $25,000. Advisory Services Network LLC bought a new position in Patrick Industries during the third quarter valued at $25,000. Cornerstone Planning Group LLC bought a new position in Patrick Industries during the third quarter valued at $31,000. Strs Ohio purchased a new stake in shares of Patrick Industries in the first quarter valued at $42,000. Finally, Parkside Financial Bank & Trust lifted its holdings in shares of Patrick Industries by 87.5% in the 3rd quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after acquiring an additional 223 shares during the last quarter. 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.