Patrick Industries, Inc. (NASDAQ:PATK) Increases Dividend to $50.00 Per Share

Patrick Industries, Inc. (NASDAQ:PATK) declared a — dividend on Wednesday, November 20th,Wall Street Journal reports. Stockholders of record on Friday, November 29th will be paid a dividend of 50.00 per share by the construction company on Friday, December 13th. This represents a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, December 16th. This is an increase from Patrick Industries’s previous — dividend of $0.25.

Patrick Industries has raised its dividend by an average of 22.6% annually over the last three years. Patrick Industries has a payout ratio of 27.9% indicating that its dividend is sufficiently covered by earnings. Research 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 Up 1.9 %

Shares of PATK stock opened at $133.26 on Friday. The firm’s fifty day moving average price is $136.65 and its two-hundred day moving average price is $123.89. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. Patrick Industries has a 1 year low of $80.62 and a 1 year high of $148.35. The firm has a market capitalization of $2.99 billion, a P/E ratio of 19.15, a PEG ratio of 1.37 and a beta of 1.62.

Patrick Industries’s stock is scheduled to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly minted shares will be payable to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data 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 firm had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business’s revenue was up 6.2% on a year-over-year basis. During the same period last year, the business earned $1.81 EPS. On average, equities analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Insider Buying and Selling

In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the transaction, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. This trade represents a 8.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the transaction, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. This represents a 12.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock worth $3,858,915 in the last three months. 4.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PATK shares. DA Davidson increased their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. BMO Capital Markets boosted their price target on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. Benchmark reissued a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a research note on Monday, November 4th. Finally, KeyCorp upped their target price on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $139.88.

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.