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. Shareholders of record on Friday, November 29th will be paid 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 raised its dividend payment by an average of 22.6% annually over the last three years. Patrick Industries has a 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 Price Performance

NASDAQ PATK opened at $130.78 on Thursday. The business’s fifty day moving average is $136.61 and its 200 day moving average is $123.82. Patrick Industries has a fifty-two week low of $80.62 and a fifty-two week high of $148.35. 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 market capitalization of $2.93 billion, a PE ratio of 18.79, a price-to-earnings-growth ratio of 1.37 and a beta of 1.62.

Shares of Patrick Industries are scheduled to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly created shares will be issued to shareholders after the market closes on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last announced 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). The company had revenue of $919.44 million for 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 last year, the business earned $1.81 earnings per share. Sell-side analysts predict that Patrick Industries will post 6.43 earnings per share for the current year.

Insider Activity

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction dated 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 completion of the sale, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. This trade represents a 12.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. The trade was a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,411 shares of company stock worth $3,858,915. Corporate insiders own 4.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. KeyCorp boosted their target price on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Truist Financial boosted their price objective on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. BMO Capital Markets raised their price objective on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Raymond James cut their target price on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Finally, Robert W. Baird lifted their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Patrick Industries 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.