Patrick Industries (NASDAQ:PATK) Shares Scheduled to Split on Monday, December 16th

Patrick Industries, Inc. (NASDAQ:PATK)’s stock is going to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly minted shares will be payable to shareholders after the market closes on Friday, December 13th.

Patrick Industries Stock Performance

PATK opened at $137.60 on Friday. The firm’s fifty day simple moving average is $135.54 and its two-hundred day simple moving average is $125.68. Patrick Industries has a 52-week low of $82.74 and a 52-week high of $148.35. The company has a market cap of $9.25 billion, a price-to-earnings ratio of 59.31, a PEG ratio of 4.37 and a beta of 2.22. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

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 analysts’ consensus estimates of $1.83 by ($0.03). The company had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.81 earnings per share. Equities analysts anticipate that Patrick Industries will post 5.34 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The company also recently declared a — dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $50.00 dividend. The ex-dividend date of this dividend is Monday, December 16th. This is a positive change from Patrick Industries’s previous — dividend of $0.25. This represents a dividend yield of 1.7%. Patrick Industries’s payout ratio is currently 34.48%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Benchmark restated a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a report on Monday, November 4th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. KeyCorp upped their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. BMO Capital Markets raised their target price 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. Finally, 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. 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 has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Insider Activity

In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the sale, the director now owns 82,374 shares in the company, valued at $10,795,112.70. The trade was 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 through the SEC website. Also, CEO Andy L. Nemeth sold 10,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $140.64, for a total value of $1,406,400.00. Following the transaction, the chief executive officer now owns 243,119 shares of the company’s stock, valued at approximately $34,192,256.16. This represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 57,500 shares of company stock valued at $7,716,675 in the last 90 days. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Assetmark Inc. increased its holdings in Patrick Industries by 1,589.0% in the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after purchasing an additional 6,197 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Patrick Industries by 35.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after buying an additional 25,556 shares in the last quarter. Fiera Capital Corp acquired a new stake in shares of Patrick Industries in the third quarter valued at $27,888,000. Argent Capital Management LLC raised its holdings in shares of Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after buying an additional 133,413 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in Patrick Industries by 8.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock valued at $5,032,000 after acquiring an additional 3,705 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.