Patrick Industries, Inc. (NASDAQ:PATK) Short Interest Update

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

Analysts Set New Price Targets

PATK has been the subject of a number of research reports. StockNews.com upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, January 1st. KeyCorp lifted their price target on shares of Patrick Industries from $90.00 to $100.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Benchmark reiterated a "buy" rating and set a $96.67 price target on shares of Patrick Industries in a research report on Monday, November 4th. BMO Capital Markets lifted their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Finally, Raymond James cut their price objective on Patrick Industries from $106.67 to $90.67 and set an "outperform" rating for the company in a research report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $92.63.

Patrick Industries Trading Up 5.0 %

PATK stock traded up $4.29 during midday trading on Wednesday, hitting $90.02. The stock had a trading volume of 614,460 shares, compared to its average volume of 307,996. Patrick Industries has a 12-month low of $60.67 and a 12-month high of $98.90. The company's 50-day moving average price is $86.76 and its 200 day moving average price is $86.25. The firm has a market cap of $3.02 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 1.69 and a beta of 2.26. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company had revenue of $919.44 million for the quarter, compared to analysts' expectations of $935.75 million. During the same period in the prior year, the firm earned $1.21 earnings per share. The firm's quarterly revenue was up 6.2% on a year-over-year basis. On average, equities research analysts predict that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 annualized dividend and a dividend yield of 1.78%. Patrick Industries's dividend payout ratio is presently 34.48%.

Insider Buying and Selling at Patrick Industries

In related news, CEO Andy L. Nemeth sold 15,000 shares of the business's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the sale, the chief executive officer now owns 364,678 shares of the company's stock, valued at approximately $34,192,209.28. The trade was a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Patrick Industries

Several institutional investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Patrick Industries during the 2nd quarter valued at $41,000. Sound Income Strategies LLC acquired a new position in shares of Patrick Industries during the 3rd quarter valued at $46,000. GAMMA Investing LLC lifted its holdings in shares of Patrick Industries by 61.2% during the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock valued at $63,000 after acquiring an additional 290 shares in the last quarter. UMB Bank n.a. lifted its holdings in Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock worth $81,000 after buying an additional 362 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in Patrick Industries by 21.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company's stock worth $112,000 after buying an additional 139 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.