Patrick Industries, Inc. (NASDAQ:PATK) was the target of a large increase in short interest in April. As of April 30th, there was short interest totalling 1,934,328 shares, an increase of 33.4% from the April 13th total of 1,449,885 shares. Based on an average daily volume of 384,816 shares, the days-to-cover ratio is presently 5.0 days. Currently, 8.0% of the company’s stock are short sold.
A number of research firms recently issued reports on PATK. BidaskClub cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, January 18th. Robert W. Baird reissued a “buy” rating on shares of Patrick Industries in a research note on Friday, February 16th. Zacks Investment Research cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, February 14th. Wells Fargo lowered their target price on Patrick Industries from $75.00 to $66.00 and set a “market perform” rating for the company in a research note on Tuesday, April 10th. They noted that the move was a valuation call. Finally, Bank of America increased their target price on Patrick Industries from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $74.60.
Patrick Industries opened at $58.15 on Tuesday, Marketbeat Ratings reports. Patrick Industries has a twelve month low of $58.40 and a twelve month high of $59.45. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.01 and a quick ratio of 0.86. The company has a market cap of $1.46 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 1.02 and a beta of 0.80.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, April 26th. The construction company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.25. Patrick Industries had a return on equity of 25.30% and a net margin of 5.34%. The firm had revenue of $551.83 million during the quarter, compared to the consensus estimate of $477.65 million. During the same quarter in the prior year, the firm posted $0.92 EPS. The business’s revenue was up 59.8% on a year-over-year basis. sell-side analysts forecast that Patrick Industries will post 4.51 earnings per share for the current fiscal year.
Patrick Industries declared that its board has authorized a share repurchase program on Tuesday, January 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
In related news, insider Courtney Blosser sold 2,000 shares of the stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $67.32, for a total transaction of $134,640.00. Following the completion of the sale, the insider now directly owns 41,965 shares of the company’s stock, valued at approximately $2,825,083.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director M Scott Welch bought 7,500 shares of the stock in a transaction that occurred on Friday, May 11th. The shares were acquired at an average cost of $58.65 per share, with a total value of $439,875.00. Following the completion of the purchase, the director now owns 67,442 shares in the company, valued at approximately $3,955,473.30. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 14,322 shares of company stock valued at $855,667. 5.60% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Catalyst Capital Advisors LLC acquired a new position in Patrick Industries during the 4th quarter worth approximately $160,000. Quadrature Capital Ltd acquired a new position in Patrick Industries during the 4th quarter worth approximately $210,000. Xact Kapitalforvaltning AB acquired a new position in Patrick Industries during the 4th quarter worth approximately $216,000. M&T Bank Corp acquired a new position in Patrick Industries during the 4th quarter worth approximately $224,000. Finally, Sei Investments Co. boosted its position in Patrick Industries by 124.5% during the 1st quarter. Sei Investments Co. now owns 3,374 shares of the construction company’s stock worth $209,000 after acquiring an additional 1,871 shares during the last quarter. 89.52% of the stock is owned by hedge funds and other institutional investors.
Patrick Industries Company Profile
Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.
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