Patrick Industries (PATK) Sets New 12-Month Low at $51.30

Patrick Industries, Inc. (NASDAQ:PATK)’s share price reached a new 52-week low on Thursday . The company traded as low as $51.30 and last traded at $51.54, with a volume of 2699 shares changing hands. The stock had previously closed at $53.41.

A number of research firms recently weighed in on PATK. Zacks Investment Research lowered shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. BidaskClub lowered shares of Patrick Industries from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 9th. Finally, ValuEngine lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $73.20.

The company has a debt-to-equity ratio of 1.43, a current ratio of 2.23 and a quick ratio of 0.87. The firm has a market cap of $1.45 billion, a P/E ratio of 16.21, a price-to-earnings-growth ratio of 0.84 and a beta of 0.82.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 26th. The construction company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21. Patrick Industries had a return on equity of 27.49% and a net margin of 5.49%. The company had revenue of $604.88 million during the quarter, compared to the consensus estimate of $553.60 million. During the same quarter last year, the company earned $1.23 earnings per share. Patrick Industries’s quarterly revenue was up 48.6% compared to the same quarter last year. On average, research analysts anticipate that Patrick Industries, Inc. will post 4.75 earnings per share for the current fiscal year.

In other Patrick Industries news, Director Walter E. Wells sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $64.10, for a total value of $256,400.00. Following the completion of the sale, the director now owns 61,030 shares of the company’s stock, valued at $3,912,023. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 5.60% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Essex Investment Management Co. LLC raised its stake in shares of Patrick Industries by 3.3% during the 3rd quarter. Essex Investment Management Co. LLC now owns 47,602 shares of the construction company’s stock worth $2,818,000 after buying an additional 1,511 shares during the last quarter. First Hawaiian Bank acquired a new position in shares of Patrick Industries during the 3rd quarter worth $167,000. Aurora Investment Counsel raised its stake in shares of Patrick Industries by 22.8% during the 3rd quarter. Aurora Investment Counsel now owns 14,761 shares of the construction company’s stock worth $874,000 after buying an additional 2,742 shares during the last quarter. HRT Financial LLC acquired a new position in shares of Patrick Industries during the 2nd quarter worth $389,000. Finally, Millennium Management LLC raised its stake in shares of Patrick Industries by 1,811.2% during the 2nd quarter. Millennium Management LLC now owns 326,578 shares of the construction company’s stock worth $18,566,000 after buying an additional 309,490 shares during the last quarter. 92.45% of the stock is owned by institutional investors.

Patrick Industries Company Profile (NASDAQ:PATK)

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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