Patrick Industries, Inc. (NASDAQ:PATK) Declares $0.40 Quarterly Dividend

Patrick Industries, Inc. (NASDAQ:PATK) declared a quarterly dividend on Monday, February 3rd,Wall Street Journal reports. Investors of record on Tuesday, February 18th will be paid a dividend of 0.40 per share by the construction company on Monday, March 3rd. This represents a $1.60 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Tuesday, February 18th.

Patrick Industries has increased its dividend payment by an average of 24.4% annually over the last three years. Patrick Industries has a payout ratio of 25.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Patrick Industries to earn $6.59 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 24.3%.

Patrick Industries Stock Performance

Shares of NASDAQ PATK opened at $95.76 on Friday. The company has a 50 day simple moving average of $89.56 and a two-hundred day simple moving average of $88.95. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 1.42 and a beta of 2.26. The company has a current ratio of 2.33, a quick ratio of 0.97 and a debt-to-equity ratio of 1.16. Patrick Industries has a 12 month low of $67.72 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, analysts predict that Patrick Industries will post 5.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Raymond James lifted their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Truist Financial increased their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. KeyCorp lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, Benchmark increased their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. One research 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. According to MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $97.96.

Insider Transactions at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of Patrick Industries stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the sale, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at $34,192,209.28. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 4.70% of the company’s stock.

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.