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

Patrick Industries, Inc. (NASDAQ:PATK) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 2,960,000 shares, an increase of 71.1% from the November 30th total of 1,730,000 shares. Based on an average daily trading volume, of 392,700 shares, the days-to-cover ratio is currently 7.5 days.

Insider Activity at Patrick Industries

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

Hedge Funds Weigh In On Patrick Industries

Several large investors have recently bought and sold shares of the stock. Pacer Advisors Inc. increased its position in shares of Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after acquiring an additional 221,904 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Patrick Industries during the 2nd quarter valued at $22,460,000. Fiera Capital Corp purchased a new stake in shares of Patrick Industries during the 3rd quarter valued at $27,888,000. Argent Capital Management LLC raised its stake in shares of Patrick Industries by 758.4% during the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares during the period. Finally, Brightline Capital Management LLC purchased a new position in shares of Patrick Industries in the 3rd quarter worth about $14,806,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Down 1.3 %

Shares of NASDAQ PATK traded down $1.06 during mid-day trading on Friday, reaching $83.50. 165,979 shares of the company’s stock traded hands, compared to its average volume of 302,155. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The business has a 50-day simple moving average of $87.85 and a 200 day simple moving average of $84.92. The stock has a market cap of $2.81 billion, a P/E ratio of 12.00, a PEG ratio of 1.69 and a beta of 2.24. Patrick Industries has a 1-year low of $60.67 and a 1-year high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). The company had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. Patrick Industries’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.21 EPS. On average, analysts expect that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were issued a dividend of $0.40 per share. The ex-dividend date was Monday, November 25th. This represents a $1.60 annualized dividend and a yield of 1.92%. Patrick Industries’s dividend payout ratio (DPR) is currently 34.48%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Benchmark reaffirmed a “buy” rating and issued a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. BMO Capital Markets upped their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. Truist Financial lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. KeyCorp upped their target price on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Finally, StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $93.25.

About Patrick Industries

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.