Patrick Industries, Inc. Declares Quarterly Dividend of $0.47 (NASDAQ:PATK)

Patrick Industries, Inc. (NASDAQ:PATK) announced a quarterly dividend on Monday, February 2nd. Stockholders of record on Monday, February 23rd will be paid a dividend of 0.47 per share by the construction company on Monday, March 9th. This represents a c) dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Monday, February 23rd.

Patrick Industries has raised its dividend by an average of 0.2%annually over the last three years and has increased its dividend every year for the last 6 years. Patrick Industries has a payout ratio of 34.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Patrick Industries to earn $6.37 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 29.5%.

Patrick Industries Trading Up 0.8%

PATK traded up $1.03 on Friday, reaching $136.85. 249,920 shares of the company’s stock were exchanged, compared to its average volume of 333,691. Patrick Industries has a twelve month low of $72.99 and a twelve month high of $148.50. The company’s 50 day moving average is $124.56 and its 200-day moving average is $112.38. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 35.00, a PEG ratio of 1.43 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. During the same period in the previous year, the firm earned $0.52 earnings per share. Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. Equities analysts predict that Patrick Industries will post 5.33 earnings per share for the current year.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total value of $2,875,000.00. Following the transaction, the chief executive officer directly owned 301,641 shares of the company’s stock, valued at $34,688,715. This represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Matthew S. Filer bought 1,000 shares of Patrick Industries stock in a transaction dated Friday, February 6th. The shares were acquired at an average price of $139.91 per share, with a total value of $139,910.00. Following the completion of the purchase, the chief accounting officer owned 20,614 shares in the company, valued at approximately $2,884,104.74. The trade was a 5.10% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders sold 31,607 shares of company stock worth $3,823,904. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PATK. First National Bank of Omaha bought a new stake in Patrick Industries in the third quarter valued at about $601,000. Citizens Financial Group Inc. RI acquired a new position in shares of Patrick Industries in the 3rd quarter worth approximately $1,704,000. Inspire Advisors LLC bought a new stake in shares of Patrick Industries in the 2nd quarter valued at approximately $525,000. Tributary Capital Management LLC raised its position in shares of Patrick Industries by 52.0% during the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock valued at $38,435,000 after acquiring an additional 127,099 shares in the last quarter. Finally, F m Investments LLC lifted its stake in Patrick Industries by 23.0% during the second quarter. F m Investments LLC now owns 47,440 shares of the construction company’s stock worth $4,377,000 after purchasing an additional 8,860 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.