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

Patrick Industries, Inc. (NASDAQ:PATK) saw a large decrease in short interest during the month of 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.

Insider Buying and Selling at Patrick Industries

In related 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 value of $1,406,400.00. Following the transaction, the chief executive officer now directly owns 364,678 shares in the company, valued at $34,192,209.28. The trade was a 3.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Heritage Family Offices LLP lifted its position in shares of Patrick Industries by 48.0% during the 4th quarter. Heritage Family Offices LLP now owns 3,066 shares of the construction company’s stock worth $255,000 after purchasing an additional 994 shares during the last quarter. Argent Capital Management LLC lifted its holdings in shares of Patrick Industries by 48.8% during the fourth quarter. Argent Capital Management LLC now owns 224,636 shares of the construction company’s stock worth $18,663,000 after buying an additional 73,632 shares during the last quarter. Park Avenue Securities LLC bought a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $217,000. GAMMA Investing LLC grew its stake in shares of Patrick Industries by 61.2% in the fourth quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after acquiring an additional 290 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Patrick Industries by 2.1% during the third quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company’s stock worth $15,939,000 after acquiring an additional 2,275 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, January 1st. BMO Capital Markets raised their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Truist Financial cut their target price on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. KeyCorp raised their target price on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Raymond James dropped their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.63.

Patrick Industries Stock Up 2.7 %

Shares of PATK stock opened at $85.73 on Wednesday. The stock’s 50 day simple moving average is $86.62 and its 200 day simple moving average is $86.16. Patrick Industries has a twelve month low of $60.67 and a twelve month high of $98.90. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.69 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last released 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 firm had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.21 EPS. As a group, research analysts predict that Patrick Industries will post 6.43 EPS for the current year.

Patrick Industries Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries’s dividend payout ratio (DPR) is 34.48%.

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.