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

Patrick Industries, Inc. (NASDAQ:PATK) declared a quarterly dividend on Thursday, November 14th,Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 1.77%. 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 increased its dividend by an average of 22.6% annually over the last three years. Patrick Industries has a dividend payout ratio of 27.9% meaning its dividend is sufficiently covered by earnings. 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 Performance

Shares of Patrick Industries stock opened at $135.45 on Friday. Patrick Industries has a one year low of $80.62 and a one year high of $148.35. The company has a market capitalization of $3.03 billion, a PE 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. The company has a 50-day simple moving average of $136.65 and a two-hundred day simple moving average of $123.89.

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 created shares will be payable to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.03). The company had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.81 earnings per share. Research analysts expect that Patrick Industries will post 6.43 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Robert W. Baird upped their target price on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. BMO Capital Markets increased their target price on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. KeyCorp upped their price objective on shares of 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 price target on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

Insider Activity at Patrick Industries

In related news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the sale, the insider now owns 139,109 shares in the company, valued at approximately $18,274,749.33. The trade was a 12.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, the director now owns 82,374 shares of the company’s stock, valued at $10,795,112.70. This trade represents a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,411 shares of company stock worth $3,858,915. Insiders own 4.70% of the company’s stock.

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.