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

Patrick Industries, Inc. (NASDAQ:PATK) announced 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 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Monday, November 25th. This is a boost from Patrick Industries’s previous quarterly dividend of $0.55.

Patrick Industries has increased its dividend payment by an average of 22.6% per year over the last three years. Patrick Industries has a dividend payout ratio of 27.9% indicating that 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

Shares of PATK opened at $135.45 on Friday. The firm has a market capitalization of $3.03 billion, a P/E ratio of 19.46, a P/E/G ratio of 1.41 and a beta of 1.62. Patrick Industries has a 52 week low of $80.62 and a 52 week high of $148.35. The stock has a 50 day moving average price of $136.65 and a two-hundred day moving average price of $124.04. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41.

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

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Benchmark reiterated a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a report on Monday, November 4th. Truist Financial lifted their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. DA Davidson raised their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Raymond James dropped their target price on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, KeyCorp increased their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Insider Activity

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