MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 6,634 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 56.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 18,451 shares of the construction company's stock after acquiring an additional 6,634 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.05% of Patrick Industries worth $1,533,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Arizona State Retirement System increased its holdings in shares of Patrick Industries by 51.3% in the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock worth $770,000 after buying an additional 3,143 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Patrick Industries by 27.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock worth $10,222,000 after buying an additional 26,558 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock worth $45,592,000 after buying an additional 195,138 shares during the last quarter. Xponance Inc. increased its holdings in shares of Patrick Industries by 13.8% in the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock worth $255,000 after buying an additional 372 shares during the last quarter. Finally, IFP Advisors Inc increased its holdings in shares of Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock worth $87,000 after buying an additional 275 shares during the last quarter. Institutional investors own 93.29% of the company's stock.

Patrick Industries Trading Down 0.3%

PATK traded down $0.24 during trading on Thursday, hitting $86.61. 24,365 shares of the stock traded hands, compared to its average volume of 377,967. The firm has a market capitalization of $2.89 billion, a P/E ratio of 20.95, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The firm has a 50-day moving average of $82.81 and a 200 day moving average of $87.02. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.13. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The business had revenue of $1 billion during the quarter, compared to analysts' expectations of $959.46 million. During the same quarter in the prior year, the company posted $1.79 EPS. The firm's revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be given a $0.40 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.85%. Patrick Industries's dividend payout ratio is 38.37%.

Analyst Upgrades and Downgrades

PATK has been the topic of a number of research analyst reports. Truist Financial decreased their price target on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Roth Mkm reaffirmed a "buy" rating and set a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. KeyCorp reduced their target price on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Finally, Robert W. Baird reduced their target price on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $96.29.

Insider Transactions at Patrick Industries

In related news, Director Todd M. Cleveland bought 5,000 shares of the company's stock in a transaction dated Monday, May 19th. The stock was purchased at an average cost of $87.49 per share, with a total value of $437,450.00. Following the transaction, the director now owns 130,286 shares in the company, valued at approximately $11,398,722.14. This trade represents a 3.99% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. This represents a 13.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 23,500 shares of company stock valued at $2,026,000. Company insiders own 4.70% of the company's stock.

About Patrick Industries

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.