Short Interest in Patrick Industries, Inc. (NASDAQ:PATK) Decreases By 16.8%

Patrick Industries, Inc. (NASDAQ:PATK) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 1,340,000 shares, a drop of 16.8% from the March 15th total of 1,610,000 shares. Based on an average daily volume of 178,000 shares, the days-to-cover ratio is presently 7.5 days. Currently, 6.3% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the sale, the director now owns 8,553 shares in the company, valued at approximately $948,271.11. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $115.00, for a total value of $1,150,000.00. Following the completion of the sale, the chief executive officer now owns 289,619 shares in the company, valued at approximately $33,306,185. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the sale, the director now owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The disclosure for this sale can be found here. Insiders sold a total of 48,873 shares of company stock worth $5,681,957 in the last quarter. 6.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently added to or reduced their stakes in PATK. US Bancorp DE lifted its holdings in shares of Patrick Industries by 1.3% during the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after purchasing an additional 95 shares in the last quarter. SummerHaven Investment Management LLC increased its position in Patrick Industries by 1.4% during the fourth quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock valued at $880,000 after acquiring an additional 117 shares during the last quarter. Advisor Group Holdings Inc. increased its position in Patrick Industries by 2.8% during the first quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock valued at $333,000 after acquiring an additional 149 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Patrick Industries by 3.9% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 5,098 shares of the construction company’s stock valued at $512,000 after acquiring an additional 190 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in Patrick Industries by 12.1% during the third quarter. Public Employees Retirement System of Ohio now owns 1,800 shares of the construction company’s stock valued at $79,000 after acquiring an additional 195 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Patrick Industries Price Performance

Shares of PATK stock opened at $107.10 on Friday. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 16.45 and a beta of 1.72. The business’s fifty day moving average is $113.13 and its 200 day moving average is $96.00. Patrick Industries has a twelve month low of $63.57 and a twelve month high of $123.58. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.10. The company had revenue of $781.20 million for the quarter, compared to analysts’ expectations of $780.97 million. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.82 earnings per share. Research analysts expect that Patrick Industries will post 7.84 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is 33.79%.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Truist Financial reaffirmed a “buy” rating and issued a $130.00 price target on shares of Patrick Industries in a research note on Friday. StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Roth Mkm boosted their target price on Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Finally, KeyCorp boosted their target price on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $103.00.

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.