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

Patrick Industries, Inc. (NASDAQ:PATK) was the recipient of a significant decrease in short interest in 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 daily volume of 398,800 shares, the short-interest ratio is currently 5.9 days.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Benchmark reiterated a “buy” rating and issued a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. Raymond James lowered their target price on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a report on Friday, November 1st. KeyCorp lifted their price target on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Truist Financial lowered their price objective 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. Finally, StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $92.63.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Patrick Industries

A number of hedge funds have recently added to or reduced their stakes in the business. Sound Income Strategies LLC purchased a new position in shares of Patrick Industries during the 3rd quarter worth about $46,000. Northwestern Mutual Wealth Management Co. acquired a new position in Patrick Industries during the second quarter worth approximately $41,000. GAMMA Investing LLC raised its stake in Patrick Industries by 76.2% during the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after purchasing an additional 205 shares during the period. UMB Bank n.a. boosted its holdings in shares of Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after purchasing an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Patrick Industries by 21.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after purchasing an additional 139 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Trading Up 0.6 %

Shares of Patrick Industries stock traded up $0.51 during mid-day trading on Friday, hitting $92.72. 599,468 shares of the stock were exchanged, compared to its average volume of 336,979. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 19.98, a price-to-earnings-growth ratio of 1.25 and a beta of 2.26. Patrick Industries has a twelve month low of $63.52 and a twelve month high of $98.90. 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 simple moving average of $86.98 and a 200 day simple moving average of $86.32.

Patrick Industries (NASDAQ:PATK) last announced its 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). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same quarter last year, the business posted $1.21 EPS. The firm’s revenue was up 6.2% compared to the same quarter last year. Research analysts forecast that Patrick Industries will post 4.28 EPS for the current year.

Patrick Industries Cuts Dividend

The firm also recently announced 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 of this dividend was Monday, November 25th. This represents a $1.60 annualized dividend and a yield of 1.73%. Patrick Industries’s payout ratio is currently 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.