Patrick Industries, Inc. (NASDAQ:PATK) Short Interest Up 20.2% in December

Patrick Industries, Inc. (NASDAQ:PATK) was the target of a large increase in short interest during the month of 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. Based on an average trading volume of 267,525 shares, the days-to-cover ratio is currently 11.4 days. Approximately 9.6% of the company’s stock are sold short. Approximately 9.6% of the company’s stock are sold short. Based on an average trading volume of 267,525 shares, the days-to-cover ratio is currently 11.4 days.

Patrick Industries Stock Performance

Shares of NASDAQ PATK traded up $2.33 during midday trading on Monday, reaching $128.15. 311,036 shares of the company were exchanged, compared to its average volume of 266,220. The stock has a market cap of $4.26 billion, a P/E ratio of 36.61, a PEG ratio of 1.34 and a beta of 1.34. Patrick Industries has a 1 year low of $72.99 and a 1 year high of $128.81. The stock has a fifty day simple moving average of $110.02 and a 200 day simple moving average of $106.20. The company has a current ratio of 2.34, a quick ratio of 0.86 and a debt-to-equity ratio of 1.13.

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

Patrick Industries Increases Dividend

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

Insider Buying and Selling at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of the business’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 completion of the sale, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Patrick Industries

Large investors have recently bought and sold shares of the company. Salomon & Ludwin LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth $25,000. Advisory Services Network LLC purchased a new position in shares of Patrick Industries during the 3rd quarter worth approximately $25,000. Cornerstone Planning Group LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth approximately $31,000. Strs Ohio purchased a new stake in Patrick Industries in the 1st quarter valued at approximately $42,000. Finally, Parkside Financial Bank & Trust grew its holdings in Patrick Industries by 87.5% during the 3rd quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock valued at $49,000 after buying an additional 223 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. KeyCorp restated an “overweight” rating and set a $135.00 price objective (up previously from $120.00) on shares of Patrick Industries in a research report on Friday. Truist Financial set a $126.00 price target on shares of Patrick Industries in a research report on Friday, January 9th. Roth Capital set a $115.00 price objective 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. Finally, Benchmark reissued a “buy” rating and issued a $140.00 target price (up from $115.00) on shares of Patrick Industries in a report on Friday. Seven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $114.33.

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.