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

Patrick Industries, Inc. (NASDAQ:PATK) announced a quarterly dividend on Tuesday, November 19th,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 1.85%. 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 raised its dividend by an average of 22.6% annually 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 Trading Down 1.2 %

NASDAQ PATK traded down $1.54 during trading on Tuesday, hitting $129.67. 257,640 shares of the company’s stock traded hands, compared to its average volume of 190,077. Patrick Industries has a 12-month low of $80.62 and a 12-month high of $148.35. The stock has a fifty day moving average of $136.51 and a two-hundred day moving average of $123.64. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The firm has a market cap of $2.90 billion, a P/E ratio of 18.85, a PEG ratio of 1.36 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). The business had revenue of $919.44 million for 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%. The company’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.81 EPS. As a group, sell-side analysts expect that Patrick Industries will post 6.43 EPS for the current year.

Insider Activity at Patrick Industries

In related 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 transaction of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. This trade represents a 7.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jeff Rodino sold 20,000 shares of the 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 transaction, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. This trade represents a 12.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,411 shares of company stock valued at $3,858,915. Company insiders own 4.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Benchmark reiterated a “buy” rating and issued a $145.00 price target on shares of Patrick Industries in a report on Monday, November 4th. DA Davidson boosted their target price 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. Truist Financial lifted their price target on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. 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 research report on Friday, November 1st. Finally, KeyCorp boosted their price objective 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 analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.