ProShare Advisors LLC Boosts Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

ProShare Advisors LLC raised its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 116.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 9,788 shares of the construction company's stock after acquiring an additional 5,264 shares during the period. ProShare Advisors LLC's holdings in Patrick Industries were worth $813,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PATK. Park Avenue Securities LLC acquired a new stake in Patrick Industries in the fourth quarter valued at approximately $217,000. UMB Bank n.a. boosted its position in shares of Patrick Industries by 35.1% during the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company's stock valued at $64,000 after buying an additional 199 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Patrick Industries by 50.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 16,091 shares of the construction company's stock valued at $1,337,000 after buying an additional 5,391 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Patrick Industries by 47.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,608 shares of the construction company's stock valued at $2,460,000 after buying an additional 9,471 shares during the last quarter. Finally, Inspire Investing LLC boosted its position in shares of Patrick Industries by 61.2% during the fourth quarter. Inspire Investing LLC now owns 5,276 shares of the construction company's stock valued at $438,000 after buying an additional 2,004 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland bought 6,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, May 15th. The stock was acquired at an average cost of $85.80 per share, for a total transaction of $514,800.00. Following the completion of the transaction, the director now directly owns 125,286 shares in the company, valued at $10,749,538.80. This represents a 5.03% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director M Scott Welch bought 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the transaction, the director now owns 136,000 shares of the company's stock, valued at $11,725,920. This represents a 7.94% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 23,500 shares of company stock worth $2,026,000. 4.70% of the stock is owned by company insiders.

Patrick Industries Stock Performance

Shares of PATK traded up $1.68 during mid-day trading on Tuesday, hitting $87.78. The stock had a trading volume of 143,767 shares, compared to its average volume of 356,760. The firm has a market cap of $2.93 billion, a P/E ratio of 21.30, a PEG ratio of 1.41 and a beta of 2.05. The business has a fifty day moving average price of $82.71 and a 200-day moving average price of $87.02. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90.

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

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.82%. Patrick Industries's payout ratio is 38.37%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PATK shares. KeyCorp cut their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Roth Mkm reissued a "buy" rating and issued a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Benchmark boosted their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Raymond James cut their price objective on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Patrick Industries has a consensus rating of "Moderate Buy" and an average target price of $96.29.

Patrick Industries 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.