Patrick Industries, Inc. (NASDAQ:PATK) Sees Large Decrease in Short Interest

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

Insider Transactions at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of the business’s stock in a transaction dated 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 completion of the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. increased its position in shares of Patrick Industries by 1,589.0% in the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after purchasing an additional 6,197 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Patrick Industries by 35.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after purchasing an additional 25,556 shares in the last quarter. Fiera Capital Corp bought a new stake in Patrick Industries in the third quarter valued at about $27,888,000. Argent Capital Management LLC raised its stake in Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after buying an additional 133,413 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in Patrick Industries by 8.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after buying an additional 3,705 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Up 0.6 %

NASDAQ:PATK traded up $0.51 on Friday, reaching $92.72. The stock had a trading volume of 599,468 shares, compared to its average volume of 336,979. Patrick Industries has a 12-month low of $63.52 and a 12-month high of $98.90. The stock has a market cap of $3.12 billion, a P/E ratio of 19.98, a price-to-earnings-growth ratio of 1.25 and a beta of 2.26. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The company has a 50-day moving average of $86.98 and a 200 day moving average of $86.32.

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). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. During the same period in the prior year, the company posted $1.21 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, research analysts predict that Patrick Industries will post 4.28 earnings per share for the current 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 paid a $0.40 dividend. The ex-dividend date was Monday, November 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.73%. Patrick Industries’s dividend payout ratio (DPR) is presently 34.48%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. BMO Capital Markets lifted 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. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday. Truist Financial lowered their price target on Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Raymond James cut their price objective 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. Finally, Benchmark reaffirmed a “buy” rating and issued a $96.67 target price on shares of Patrick Industries in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Patrick Industries has a consensus 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.