Patrick Industries, Inc. (PATK) to Issue Quarterly Dividend of $0.60 on December 9th

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 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 yield of 1.77%. The ex-dividend date of this dividend is Monday, November 25th. This is a positive change 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. Equities 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 Price Performance

Shares of PATK opened at $135.45 on Friday. The business’s 50-day moving average is $136.65 and its two-hundred day moving average is $123.89. 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. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. Patrick Industries has a fifty-two week low of $80.62 and a fifty-two week high of $148.35.

Shares of Patrick Industries are set 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 distributed to shareholders after the market closes on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $935.75 million. During the same quarter in the previous year, the firm posted $1.81 earnings per share. The company’s quarterly revenue was up 6.2% on a year-over-year basis. Research analysts predict that Patrick Industries will post 6.43 earnings per share for the current year.

Insider Activity

In related news, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction dated 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 directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. This represents a 8.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, 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. Over the last three months, insiders sold 29,411 shares of company stock valued at $3,858,915. Insiders own 4.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PATK shares. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. Benchmark reaffirmed a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research report on Monday, November 4th. Truist Financial lifted their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. BMO Capital Markets lifted their price target on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Raymond James cut their target price on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. One research 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $139.88.

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.