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

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

Analyst Ratings Changes

Several equities analysts recently commented on PATK shares. Raymond James dropped their price objective on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Benchmark reiterated a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday. BMO Capital Markets boosted their target price 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, KeyCorp boosted their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. One investment 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $92.63.

Insider Activity

In other Patrick Industries news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total value of $2,700,000.00. Following the completion of the transaction, the chief executive officer now owns 379,678 shares in the company, valued at $34,171,020. This represents a 7.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in PATK. BOKF NA lifted its holdings in Patrick Industries by 3.7% in the second quarter. BOKF NA now owns 4,848 shares of the construction company’s stock valued at $526,000 after acquiring an additional 172 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Patrick Industries during the second quarter valued at about $22,460,000. Hsbc Holdings PLC boosted its position in shares of Patrick Industries by 57.9% during the second quarter. Hsbc Holdings PLC now owns 4,348 shares of the construction company’s stock worth $469,000 after acquiring an additional 1,594 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after purchasing an additional 221,904 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in Patrick Industries by 8.7% in the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after purchasing an additional 3,705 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Up 0.2 %

Patrick Industries stock traded up $0.18 during trading hours on Friday, reaching $92.39. The stock had a trading volume of 7,796 shares, compared to its average volume of 282,549. 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 $86.98 and a 200-day simple moving average of $86.32. The stock has a market cap of $3.10 billion, a PE ratio of 20.01, a PEG ratio of 1.25 and a beta of 2.26. Patrick Industries has a 52 week low of $63.52 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. During the same period last year, the firm posted $1.21 earnings per share. The company’s revenue was up 6.2% compared to the same quarter last year. Analysts forecast that Patrick Industries will post 4.28 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were given 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 dividend payout ratio (DPR) is presently 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.