Patrick Industries, Inc. (NASDAQ:PATK) Declares Dividend Increase – $50.00 Per Share

Patrick Industries, Inc. (NASDAQ:PATK) announced a — dividend on Wednesday, November 20th,Wall Street Journal reports. Investors of record on Friday, November 29th will be given a dividend of 50.00 per share by the construction company on Friday, December 13th. This represents a yield of 1.7%. The ex-dividend date is Monday, December 16th. This is a positive change from Patrick Industries’s previous — dividend of $0.25.

Patrick Industries has increased its dividend by an average of 22.6% per year over the last three years. Patrick Industries has a dividend 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 Stock Up 0.8 %

PATK stock traded up $1.07 during trading on Wednesday, reaching $130.75. 147,339 shares of the stock were exchanged, compared to its average volume of 190,335. The firm has a market cap of $2.93 billion, a P/E ratio of 18.71, a price-to-earnings-growth ratio of 1.36 and a beta of 1.62. Patrick Industries has a twelve month low of $80.62 and a twelve month high of $148.35. The firm’s 50 day moving average is $136.57 and its 200 day moving average is $123.77. 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 (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 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 during the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter in the previous year, the company posted $1.81 earnings per share. Patrick Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, research analysts forecast that Patrick Industries will post 6.43 EPS for the current year.

Insider Buying and Selling

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider now directly 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction dated 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 sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The trade was a 7.44 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. BMO Capital Markets raised their price target on shares of Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Truist Financial boosted their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Benchmark reiterated a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research note on Monday, November 4th. KeyCorp raised their price target on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Raymond James reduced their target price on shares of 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 equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.