ProShare Advisors LLC Raises Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

ProShare Advisors LLC grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 116.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,788 shares of the construction company's stock after acquiring an additional 5,264 shares during the quarter. ProShare Advisors LLC's holdings in Patrick Industries were worth $813,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PATK. Vanguard Group Inc. increased its holdings in Patrick Industries by 49.3% in the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock worth $193,266,000 after buying an additional 768,102 shares in the last quarter. Wellington Management Group LLP increased its holdings in Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after buying an additional 1,615,412 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Patrick Industries by 48.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after buying an additional 609,036 shares in the last quarter. Capital World Investors increased its holdings in Patrick Industries by 50.0% in the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company's stock worth $78,454,000 after buying an additional 314,773 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Patrick Industries by 50.0% in the 4th quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock worth $64,752,000 after buying an additional 259,783 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PATK. Truist Financial reduced their price objective on Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Benchmark boosted their price target on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Finally, Roth Mkm restated a "buy" rating and set a $100.00 price target (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.29.

Insider Buying and Selling

In other Patrick Industries news, Director M Scott Welch purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average cost of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. This trade represents a 7.94% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Todd M. Cleveland acquired 5,000 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were purchased at an average cost of $87.49 per share, for a total transaction of $437,450.00. Following the completion of the acquisition, the director now directly owns 130,286 shares in the company, valued at approximately $11,398,722.14. This represents a 3.99% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 23,500 shares of company stock valued at $2,026,000. Corporate insiders own 4.70% of the company's stock.

Patrick Industries Stock Performance

Shares of PATK stock traded down $0.73 during trading hours on Thursday, reaching $86.12. 27,901 shares of the company traded hands, compared to its average volume of 355,601. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. 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 company has a market cap of $2.88 billion, a P/E ratio of 20.90, a P/E/G ratio of 1.41 and a beta of 2.05. The firm has a 50-day moving average price of $82.81 and a 200 day moving average price of $87.02.

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

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.86%. Patrick Industries's dividend payout ratio is presently 38.37%.

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.