Patrick Industries, Inc. (NASDAQ:PATK) Increases Dividend to $50.00 Per Share

Patrick Industries, Inc. (NASDAQ:PATK) declared a — dividend on Wednesday, November 20th,Wall Street Journal reports. Stockholders 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 dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, December 16th. This is a boost from Patrick Industries’s previous — dividend of $0.25.

Patrick Industries has raised its dividend by an average of 22.6% per year 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 Stock Up 0.8 %

PATK stock traded up $1.07 during trading on Wednesday, reaching $130.75. The stock had a trading volume of 147,339 shares, compared to its average volume of 190,335. The firm has a fifty day moving average price of $136.57 and a 200 day moving average price of $123.77. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $2.93 billion, a P/E ratio of 18.71, a PEG ratio of 1.36 and a beta of 1.62. Patrick Industries has a 1-year low of $80.62 and a 1-year high of $148.35.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same quarter in the prior year, the firm posted $1.81 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. On average, equities analysts anticipate that Patrick Industries will post 6.43 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PATK shares. Truist Financial raised their price target on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. BMO Capital Markets increased their price target on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. KeyCorp raised their price target on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, DA Davidson boosted their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average target price of $139.88.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the firm’s 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 directly owns 82,374 shares in the company, valued at $10,795,112.70. This trade represents a 8.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The trade was a 7.44 % 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 valued at $3,858,915. 4.70% of the stock is owned by insiders.

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.