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

Patrick Industries, Inc. (NASDAQ:PATK) announced a quarterly dividend on Thursday, November 14th,Wall Street Journal reports. Shareholders of record on Monday, November 25th will be paid 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 an increase from Patrick Industries’s previous quarterly dividend of $0.55.

Patrick Industries has increased its dividend payment by an average of 22.6% annually over the last three years. Patrick Industries has a payout ratio of 27.9% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of PATK stock opened at $135.45 on Friday. The stock has a 50 day moving average of $136.65 and a two-hundred day moving average of $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 12 month low of $80.62 and a 12 month high of $148.35. The company 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’s stock is set to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be issued to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last issued its earnings results 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 company had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. During the same period in the previous year, the company posted $1.81 earnings per share. The company’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, equities analysts expect that Patrick Industries will post 6.43 EPS for the current year.

Insider Activity

In other news, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was 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 in the company, valued at $10,795,112.70. This trade represents a 8.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction on 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 represents a 7.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,411 shares of company stock valued at $3,858,915. Company insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. Raymond James dropped their price target on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a report on Monday, November 4th. BMO Capital Markets raised their price target on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Truist Financial raised their price target on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. One 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’s stock. Based on data from MarketBeat.com, the stock has a consensus 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.