Patrick Industries, Inc. (NASDAQ:PATK) Short Interest Update

Patrick Industries, Inc. (NASDAQ:PATK) was the target of a large decrease in short interest in December. As of December 31st, there was short interest totalling 2,370,000 shares, a decrease of 19.9% from the December 15th total of 2,960,000 shares. Based on an average trading volume of 398,800 shares, the days-to-cover ratio is currently 5.9 days.

Patrick Industries Stock Performance

Shares of PATK traded up $0.18 during midday trading on Friday, reaching $92.39. The stock had a trading volume of 7,796 shares, compared to its average volume of 282,549. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. Patrick Industries has a one year low of $63.52 and a one year high of $98.90. The firm has a 50 day simple moving average of $86.98 and a 200-day simple moving average of $86.32. The firm has a market cap of $3.10 billion, a PE ratio of 20.01, a P/E/G ratio of 1.25 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). The company had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.21 EPS. As a group, sell-side analysts anticipate that Patrick Industries will post 4.28 EPS for the current year.

Patrick Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.73%. The ex-dividend date was Monday, November 25th. Patrick Industries’s payout ratio is 34.48%.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of Patrick Industries stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the transaction, the chief executive officer now owns 364,678 shares in the company, valued at approximately $34,192,209.28. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently added to or reduced their stakes in the business. Sound Income Strategies LLC bought a new position in shares of Patrick Industries in the 3rd quarter worth about $46,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $41,000. GAMMA Investing LLC increased its stake in shares of Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after acquiring an additional 205 shares in the last quarter. UMB Bank n.a. boosted its stake in Patrick Industries by 176.6% during the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after acquiring an additional 362 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after purchasing an additional 139 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PATK. BMO Capital Markets upped their target price on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Raymond James decreased their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. KeyCorp increased their target price on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday. Finally, Truist Financial reduced their price objective on Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $92.63.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.