Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) was the recipient of a significant decrease in short interest in 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. Based on an average daily volume of 178,000 shares, the days-to-cover ratio is presently 7.5 days. Approximately 6.3% of the company's stock are sold short.
Insider Activity at Patrick Industries
In other news, Director Michael A. Kitson sold 3,290 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $948,271.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Kip B. Ellis sold 7,462 shares of the company's stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the sale, the insider now directly owns 101,316 shares of the company's stock, valued at approximately $12,359,538.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the transaction, the director now directly owns 8,553 shares in the company, valued at approximately $948,271.11. The disclosure for this sale can be found here. Insiders sold 48,873 shares of company stock valued at $5,681,957 over the last three months. 6.80% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Patrick Industries
Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisor Group Holdings Inc. increased its stake in Patrick Industries by 2.8% in the 1st quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company's stock valued at $333,000 after purchasing an additional 149 shares in the last quarter. US Bancorp DE increased its position in shares of Patrick Industries by 18.6% in the first quarter. US Bancorp DE now owns 2,024 shares of the construction company's stock valued at $122,000 after buying an additional 317 shares in the last quarter. Citigroup Inc. raised its stake in shares of Patrick Industries by 14.7% during the 1st quarter. Citigroup Inc. now owns 22,851 shares of the construction company's stock worth $1,378,000 after buying an additional 2,928 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Patrick Industries in the 1st quarter worth about $148,000. Finally, MetLife Investment Management LLC boosted its position in shares of Patrick Industries by 54.6% in the 1st quarter. MetLife Investment Management LLC now owns 12,506 shares of the construction company's stock worth $754,000 after buying an additional 4,417 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
PATK has been the topic of a number of research reports. Truist Financial restated a "buy" rating and set a $130.00 target price on shares of Patrick Industries in a research report on Friday. Roth Mkm lifted their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, February 9th. KeyCorp increased their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an "overweight" rating in a research note on Friday, February 9th. Finally, StockNews.com cut Patrick Industries from a "buy" rating to a "hold" rating in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $103.00.
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Patrick Industries Stock Performance
Shares of Patrick Industries stock traded down $1.96 on Friday, reaching $107.10. 89,897 shares of the stock were exchanged, compared to its average volume of 201,062. The firm has a market capitalization of $2.40 billion, a PE ratio of 16.45 and a beta of 1.72. Patrick Industries has a 1-year low of $63.57 and a 1-year high of $123.58. The business has a fifty day moving average price of $113.13 and a two-hundred day moving average price of $96.00. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97.
Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results 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 company had revenue of $781.20 million for the quarter, compared to analysts' expectations of $780.97 million. During the same quarter in the previous year, the firm posted $1.82 EPS. The firm's quarterly revenue was down 17.9% on a year-over-year basis. As a group, research 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 announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were given a dividend of $0.55 per share. The ex-dividend date was Friday, February 16th. This represents a $2.20 annualized dividend and a dividend yield of 2.05%. Patrick Industries's payout ratio is currently 33.79%.
Patrick Industries Company Profile
(
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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.
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