Patrick Industries, Inc. (NASDAQ:PATK) Short Interest Up 22.9% in March

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 1,610,000 shares, an increase of 22.9% from the February 29th total of 1,310,000 shares. Approximately 7.6% of the shares of the stock are short sold. Based on an average daily volume of 173,700 shares, the days-to-cover ratio is currently 9.3 days.

Patrick Industries Stock Down 0.8 %

Shares of NASDAQ:PATK traded down $0.93 during midday trading on Monday, hitting $118.54. 162,971 shares of the stock were exchanged, compared to its average volume of 180,509. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.73 and a current ratio of 2.38. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $123.58. The business's fifty day simple moving average is $111.09 and its two-hundred day simple moving average is $93.86. The company has a market capitalization of $2.65 billion, a PE ratio of 18.21 and a beta of 1.72.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.10. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The business had revenue of $781.20 million during the quarter, compared to analyst estimates of $780.97 million. During the same period last year, the company earned $1.82 earnings per share. Patrick Industries's quarterly revenue was down 17.9% compared to the same quarter last year. As a group, research analysts predict that Patrick Industries will post 7.84 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a dividend of $0.55 per share. The ex-dividend date was Friday, February 16th. This represents a $2.20 annualized dividend and a yield of 1.86%. Patrick Industries's dividend payout ratio (DPR) is currently 33.79%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction on Thursday, February 15th. The stock was 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 directly owns 8,553 shares of the company's stock, valued at approximately $948,271.11. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Michael A. Kitson sold 3,290 shares of the firm's stock in a transaction on Thursday, February 15th. The stock was 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 directly owns 8,553 shares of the company's stock, valued at approximately $948,271.11. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kip B. Ellis sold 7,462 shares of the firm's stock in a transaction on Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the sale, the insider now directly owns 101,316 shares of the company's stock, valued at $12,359,538.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,873 shares of company stock valued at $5,681,957. 6.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its holdings in Patrick Industries by 19.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 250,481 shares of the construction company's stock valued at $25,137,000 after buying an additional 40,684 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in Patrick Industries during the fourth quarter valued at about $150,000. GSA Capital Partners LLP bought a new position in Patrick Industries during the fourth quarter valued at about $518,000. Voya Investment Management LLC increased its stake in shares of Patrick Industries by 75.1% in the fourth quarter. Voya Investment Management LLC now owns 236,266 shares of the construction company's stock worth $23,709,000 after purchasing an additional 101,368 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in shares of Patrick Industries by 1.0% in the fourth quarter. Nuveen Asset Management LLC now owns 57,632 shares of the construction company's stock worth $5,783,000 after purchasing an additional 575 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PATK has been the subject of several research reports. BMO Capital Markets initiated coverage on Patrick Industries in a research note on Thursday, December 7th. They set an "outperform" rating and a $105.00 price objective for the company. KeyCorp raised their target price on 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 target price on Patrick Industries from $101.00 to $120.00 and gave the stock a "buy" rating in a research report on Friday, February 9th. Truist Financial raised their target price on Patrick Industries from $95.00 to $125.00 and gave the stock a "buy" rating in a research report on Tuesday, January 9th. Finally, StockNews.com cut Patrick Industries from a "buy" rating to a "hold" rating in a research report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $102.29.

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.