Patrick Industries, Inc. (NASDAQ:PATK) Declares Dividend Increase – $0.60 Per Share

Patrick Industries, Inc. (NASDAQ:PATK) declared a quarterly dividend on Thursday, November 14th,Wall Street Journal reports. Investors of record on Monday, November 25th will be given a dividend of 0.60 per share by the construction company on Monday, December 9th. This represents a $2.40 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Monday, November 25th. This is a boost from Patrick Industries’s previous quarterly dividend of $0.55.

Patrick Industries has raised its dividend by an average of 22.6% per year over the last three years. Patrick Industries has a dividend payout ratio of 27.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Patrick Industries to earn $8.10 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 27.2%.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $135.45 on Friday. Patrick Industries has a twelve month low of $80.62 and a twelve month high of $148.35. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The stock has a market cap of $3.03 billion, a P/E ratio of 19.46, a PEG ratio of 1.41 and a beta of 1.62. The business’s 50-day moving average price is $136.65 and its two-hundred day moving average price is $124.04.

Shares of Patrick Industries are scheduled to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly created shares will be payable to shareholders after the market closes on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The company had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. Patrick Industries’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.81 EPS. As a group, equities analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Benchmark reaffirmed a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research note on Monday, November 4th. Raymond James dropped their target price on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. DA Davidson increased their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Robert W. Baird boosted their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Truist Financial upped their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the transaction, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. This trade represents a 8.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The trade was a 7.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock valued at $3,858,915 in the last quarter. Company insiders own 4.70% of the company’s stock.

Patrick Industries Company 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.