Patrick Industries, Inc. (NASDAQ:PATK) Declares $0.33 Quarterly Dividend

Patrick Industries, Inc. (NASDAQ:PATKGet Rating) announced a quarterly dividend on Friday, May 13th, Zacks reports. Investors of record on Tuesday, May 31st will be given a dividend of 0.33 per share by the construction company on Monday, June 13th. This represents a $1.32 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Friday, May 27th.

Patrick Industries has a payout ratio of 12.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Patrick Industries to earn $10.91 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 12.1%.

PATK stock opened at $67.84 on Friday. The company has a current ratio of 2.37, a quick ratio of 0.96 and a debt-to-equity ratio of 1.86. The company has a market capitalization of $1.56 billion, a PE ratio of 5.59, a P/E/G ratio of 0.77 and a beta of 1.95. Patrick Industries has a 12-month low of $54.80 and a 12-month high of $92.67. The business’s fifty day moving average price is $63.18 and its 200 day moving average price is $71.05.

Patrick Industries (NASDAQ:PATKGet Rating) last posted its quarterly earnings data on Thursday, April 28th. The construction company reported $4.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $2.04. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the business earned $1.80 EPS. The company’s quarterly revenue was up 57.8% compared to the same quarter last year. Research analysts predict that Patrick Industries will post 13.16 EPS for the current fiscal year.

Several brokerages have weighed in on PATK. MKM Partners began coverage on Patrick Industries in a report on Thursday, May 5th. They set a “buy” rating and a $93.00 price target on the stock. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $78.00 price target on the stock in a report on Thursday, May 5th. Truist Financial began coverage on Patrick Industries in a report on Tuesday, April 12th. They set a “buy” rating and a $75.00 price target on the stock. Bank of America began coverage on Patrick Industries in a report on Monday, April 4th. They set an “underperform” rating and a $60.00 price target on the stock. Finally, StockNews.com started coverage on Patrick Industries in a report on Thursday, March 31st. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $83.33.

In related news, Chairman Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $68.32, for a total value of $683,200.00. Following the completion of the sale, the chairman now directly owns 220,517 shares of the company’s stock, valued at approximately $15,065,721.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Todd M. Cleveland sold 3,103 shares of the company’s stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $65.04, for a total value of $201,819.12. Following the completion of the sale, the chairman now directly owns 212,414 shares of the company’s stock, valued at $13,815,406.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 23,103 shares of company stock valued at $1,556,669. Insiders own 6.10% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. US Bancorp DE lifted its position in Patrick Industries by 18.6% during the 1st quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock worth $122,000 after acquiring an additional 317 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Patrick Industries during the 1st quarter worth approximately $148,000. LPL Financial LLC purchased a new position in shares of Patrick Industries during the 4th quarter worth approximately $225,000. Marshall Wace LLP purchased a new position in shares of Patrick Industries during the 4th quarter worth approximately $246,000. Finally, Allianz Asset Management GmbH purchased a new position in shares of Patrick Industries during the 4th quarter worth approximately $339,000. 94.85% of the stock is owned by institutional investors.

About Patrick Industries (Get Rating)

Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

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Dividend History for Patrick Industries (NASDAQ:PATK)

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