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

Patrick Industries, Inc. (NASDAQ:PATK) was the recipient of a significant increase in short interest in 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. Approximately 9.6% of the company’s stock 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. Approximately 9.6% of the company’s stock are sold short.

Patrick Industries Stock Performance

Shares of PATK traded down $0.48 during midday trading on Tuesday, reaching $127.67. 473,720 shares of the stock were exchanged, compared to its average volume of 339,858. Patrick Industries has a twelve month low of $72.99 and a twelve month high of $128.81. The company has a quick ratio of 0.86, a current ratio of 2.34 and a debt-to-equity ratio of 1.13. The company has a market cap of $4.25 billion, a P/E ratio of 36.48, a PEG ratio of 1.34 and a beta of 1.34. The stock’s 50 day simple moving average is $110.49 and its 200 day simple moving average is $106.41.

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

Patrick Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were given a $0.47 dividend. The ex-dividend date was Monday, December 1st. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.5%. Patrick Industries’s dividend payout ratio (DPR) is presently 53.71%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Roth Capital set a $115.00 price target on Patrick Industries and gave the stock a “buy” rating in a report on Friday, October 31st. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. KeyCorp reissued an “overweight” rating and set a $135.00 target price (up from $120.00) on shares of Patrick Industries in a report on Friday. Loop Capital assumed coverage on Patrick Industries in a report on Friday, October 31st. They set a “hold” rating and a $99.00 price target for the company. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Patrick Industries in a research report on Friday, October 31st. Seven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and an average target price of $114.33.

Insider Buying and Selling at Patrick Industries

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

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Patrick Industries by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after acquiring an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Patrick Industries by 5.6% in the first 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 purchasing an additional 3,748 shares in the last quarter. Strs Ohio bought a new stake in Patrick Industries during the first quarter worth about $42,000. KFG Wealth Management LLC grew its stake in Patrick Industries by 29.2% during the second quarter. KFG Wealth Management LLC now owns 10,421 shares of the construction company’s stock worth $962,000 after buying an additional 2,356 shares in the last quarter. Finally, Argent Capital Management LLC grew its stake in 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 buying an additional 5,377 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

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.