Patrick Industries, Inc. (NASDAQ:PATK) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,720,000 shares, a growth of 6.8% from the September 30th total of 1,610,000 shares. Currently, 7.7% of the shares of the stock are short sold. Based on an average daily volume of 204,700 shares, the days-to-cover ratio is currently 8.4 days.
In related news, President Andy L. Nemeth sold 15,000 shares of Patrick Industries stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $45.00, for a total transaction of $675,000.00. Following the sale, the president now owns 172,982 shares of the company’s stock, valued at approximately $7,784,190. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd M. Cleveland sold 10,000 shares of Patrick Industries stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $48.09, for a total value of $480,900.00. Following the sale, the chief executive officer now directly owns 669,053 shares in the company, valued at approximately $32,174,758.77. The disclosure for this sale can be found here. Insiders have sold a total of 109,149 shares of company stock worth $5,461,683 in the last three months. 7.60% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of PATK. New Jersey Better Educational Savings Trust bought a new position in shares of Patrick Industries in the 2nd quarter worth $246,000. Mesirow Financial Investment Management Inc. raised its position in shares of Patrick Industries by 12.2% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 11,413 shares of the construction company’s stock worth $534,000 after acquiring an additional 1,237 shares in the last quarter. New York State Teachers Retirement System raised its position in shares of Patrick Industries by 21.3% in the 2nd quarter. New York State Teachers Retirement System now owns 18,250 shares of the construction company’s stock worth $898,000 after acquiring an additional 3,200 shares in the last quarter. Cascade Investment Advisors Inc. raised its position in shares of Patrick Industries by 10.5% in the 2nd quarter. Cascade Investment Advisors Inc. now owns 13,985 shares of the construction company’s stock worth $688,000 after acquiring an additional 1,325 shares in the last quarter. Finally, D.B. Root & Company LLC bought a new position in shares of Patrick Industries in the 2nd quarter worth $210,000. Institutional investors and hedge funds own 88.45% of the company’s stock.
Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 24th. The construction company reported $0.92 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.04). Patrick Industries had a return on equity of 20.73% and a net margin of 4.16%. The firm had revenue of $566.19 million during the quarter, compared to analysts’ expectations of $576.97 million. During the same quarter in the prior year, the company posted $1.15 earnings per share. Patrick Industries’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts predict that Patrick Industries will post 3.75 EPS for the current year.
PATK has been the topic of several recent analyst reports. ValuEngine raised Patrick Industries from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 31st. TheStreet downgraded Patrick Industries from a “b-” rating to a “c+” rating in a research note on Friday, August 2nd. Zacks Investment Research downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. BidaskClub downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Bank of America decreased their target price on Patrick Industries from $51.00 to $36.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $49.80.
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; decorative vinyl and paper laminated panels; 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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