Short Interest in Patrick Industries, Inc. (NASDAQ:PATK) Increases By 20.2%

Patrick Industries, Inc. (NASDAQ:PATK) was the recipient of a large increase in short interest during the month of December. As of December 31st, there was short interest totaling 3,052,786 shares, an increase of 20.2% from the December 15th total of 2,540,113 shares. Currently, 9.6% of the shares of the company are sold short. Based on an average daily volume of 267,525 shares, the days-to-cover ratio is presently 11.4 days. Based on an average daily volume of 267,525 shares, the days-to-cover ratio is presently 11.4 days. Currently, 9.6% of the shares of the company are sold short.

Patrick Industries Stock Down 0.4%

Shares of PATK opened at $127.67 on Wednesday. The company has a market capitalization of $4.25 billion, a P/E ratio of 36.48, a PEG ratio of 1.34 and a beta of 1.34. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.34 and a quick ratio of 0.86. Patrick Industries has a one year low of $72.99 and a one year high of $128.81. The business’s 50 day simple moving average is $110.94 and its 200-day simple moving average is $106.61.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $975.63 million during the quarter, compared to analysts’ expectations of $900.35 million. Patrick Industries had a return on equity of 12.44% and a net margin of 3.11%.The business’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the firm posted $1.80 EPS. As a group, sell-side analysts predict that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were given a dividend of $0.47 per share. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. This represents a $1.88 annualized dividend and a yield of 1.5%. Patrick Industries’s dividend payout ratio is currently 53.71%.

Analyst Ratings Changes

Several equities analysts have commented on the company. Benchmark reaffirmed a “buy” rating and issued a $140.00 price target (up previously from $115.00) on shares of Patrick Industries in a report on Friday. Roth Capital set a $115.00 target price on Patrick Industries and gave the company a “buy” rating in a research note on Friday, October 31st. Loop Capital started coverage on Patrick Industries in a research report on Friday, October 31st. They issued a “hold” rating and a $99.00 target price for the company. Weiss Ratings downgraded shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $115.00 price objective on shares of Patrick Industries in a research note on Friday, October 31st. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $114.33.

Insider Buying and Selling

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total value of $2,875,000.00. Following the completion of the sale, the chief executive officer directly owned 301,641 shares of the company’s stock, valued at $34,688,715. This represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors have recently modified their holdings of PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Patrick Industries by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after purchasing an additional 851 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Patrick Industries by 5.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock valued at $5,957,000 after buying an additional 3,748 shares during the last quarter. Strs Ohio acquired a new stake in shares of Patrick Industries in the 1st quarter valued at $42,000. KFG Wealth Management LLC increased its stake in shares of Patrick Industries by 29.2% in the 2nd quarter. KFG Wealth Management LLC now owns 10,421 shares of the construction company’s stock valued at $962,000 after buying an additional 2,356 shares during the period. Finally, Argent Capital Management LLC raised its position in shares of Patrick Industries by 2.5% during the second quarter. Argent Capital Management LLC now owns 224,005 shares of the construction company’s stock worth $20,669,000 after acquiring an additional 5,377 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.