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

Patrick Industries, Inc. (NASDAQ:PATK) announced a quarterly dividend on Thursday, November 14th,Wall Street Journal reports. Stockholders 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 dividend 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 raised its dividend by an average of 22.6% per year over the last three years. Patrick Industries has a payout ratio of 27.9% meaning 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 Stock Up 1.6 %

Shares of NASDAQ PATK opened at $135.45 on Friday. Patrick Industries has a 1 year low of $80.62 and a 1 year high of $148.35. The firm’s 50 day moving average price is $136.65 and its 200 day moving average price is $123.89. The firm has a market cap of $3.03 billion, a P/E ratio of 19.46, a price-to-earnings-growth 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.

Shares of Patrick Industries are set 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 issued to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last announced 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 firm had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same quarter last year, the business posted $1.81 EPS. The firm’s revenue was up 6.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Patrick Industries will post 6.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PATK has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. KeyCorp increased their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Raymond James cut their price target on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. DA Davidson raised their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, Benchmark reissued a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Insider Activity at Patrick Industries

In related news, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred on 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 sale, 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 Securities & Exchange Commission, which is available at the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were 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 of the company’s stock, valued at approximately $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. Insiders have sold a total of 29,411 shares of company stock worth $3,858,915 in the last ninety days. 4.70% of the stock is owned by insiders.

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.