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

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

Analyst Upgrades and Downgrades

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

Patrick Industries Price Performance

PATK stock opened at $107.10 on Friday. 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 has a 12 month low of $63.57 and a 12 month high of $123.58. The firm has a market cap of $2.40 billion, a P/E ratio of 16.45 and a beta of 1.72. The company’s 50-day moving average price is $113.13 and its two-hundred day moving average price is $96.00.

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

Patrick Industries Dividend Announcement

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

Insider Buying and Selling

In related news, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the transaction, the director now owns 8,553 shares in the company, valued at $948,271.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Patrick Industries news, CEO Andy L. Nemeth sold 10,000 shares of the stock in a transaction on Friday, February 23rd. The shares were 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 $33,306,185. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction on Thursday, February 15th. The shares were 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 of the company’s stock, valued at approximately $948,271.11. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,873 shares of company stock worth $5,681,957. 6.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Patrick Industries

Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its position in shares of Patrick Industries by 129.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock worth $34,000 after purchasing an additional 276 shares during the period. GAMMA Investing LLC bought a new stake in Patrick Industries during the 4th quarter valued at $35,000. Carmel Capital Partners LLC bought a new stake in Patrick Industries during the 3rd quarter valued at $44,000. Gyon Technologies Capital Management LP bought a new stake in Patrick Industries during the 4th quarter valued at $48,000. Finally, Quantbot Technologies LP bought a new stake in shares of Patrick Industries in the 2nd quarter worth $71,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.