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

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) was the recipient of a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 2,960,000 shares, a growth of 71.1% from the November 30th total of 1,730,000 shares. Based on an average daily volume of 392,700 shares, the days-to-cover ratio is currently 7.5 days.

Analysts Set New Price Targets

PATK has been the topic of a number of recent analyst reports. Raymond James cut their price target on Patrick Industries from $106.67 to $90.67 and set an "outperform" rating on the stock in a report on Friday, November 1st. Truist Financial lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, September 20th. KeyCorp increased their price target on Patrick Industries from $90.00 to $100.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Benchmark reissued a "buy" rating and set a $96.67 target price on shares of Patrick Industries in a research note on Monday, November 4th. Finally, BMO Capital Markets boosted their price objective 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. One equities 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 company's stock. Based on data from MarketBeat.com, Patrick Industries has a consensus rating of "Moderate Buy" and an average price target of $93.25.

Patrick Industries Price Performance

Patrick Industries stock traded down $1.06 during mid-day trading on Friday, reaching $83.50. 165,979 shares of the company were exchanged, compared to its average volume of 302,155. The firm has a market cap of $2.81 billion, a PE ratio of 12.00, a PEG ratio of 1.69 and a beta of 2.24. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The company has a fifty day simple moving average of $87.85 and a 200-day simple moving average of $84.92. Patrick Industries has a 12 month low of $60.67 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) 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). The company had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm's revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.21 EPS. As a group, equities research analysts expect that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were issued a dividend of $0.40 per share. The ex-dividend date was Monday, November 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. Patrick Industries's dividend payout ratio (DPR) is currently 34.48%.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 30,000 shares of the firm's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the chief executive officer now directly owns 379,678 shares of the company's stock, valued at approximately $34,171,020. This trade represents a 7.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Patrick Industries

Several institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. lifted its stake in Patrick Industries by 2.1% in the 3rd quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company's stock valued at $15,939,000 after purchasing an additional 2,275 shares during the last quarter. DGS Capital Management LLC acquired a new position in shares of Patrick Industries during the third quarter worth $200,000. Tidal Investments LLC bought a new position in shares of Patrick Industries in the 3rd quarter valued at $271,000. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Patrick Industries by 6.6% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 16,513 shares of the construction company's stock valued at $2,351,000 after acquiring an additional 1,022 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Patrick Industries by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company's stock worth $73,968,000 after acquiring an additional 20,694 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

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.

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