Patrick Industries, Inc. (NASDAQ:PATK) Declares Dividend Increase – $0.60 Per Share

Patrick Industries, Inc. (NASDAQ:PATK) declared a quarterly dividend on Thursday, November 14th,Wall Street Journal reports. Stockholders of record on Monday, November 25th will be given a dividend of 0.60 per share by the construction company on Monday, December 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Monday, November 25th. This is a boost from Patrick Industries’s previous quarterly dividend of $0.55.

Patrick Industries has raised its dividend by an average of 22.6% annually over the last three years. Patrick Industries has a dividend payout ratio of 27.9% indicating that 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 1.6 %

PATK opened at $135.45 on Friday. The firm has a market capitalization of $3.03 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 1.41 and a beta of 1.62. Patrick Industries has a one year low of $80.62 and a one year high of $148.35. The company has a fifty day moving average price of $136.65 and a 200-day moving average price of $123.89. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97.

Shares of Patrick Industries are set to split before the market opens 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 closing bell 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). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same period last year, the business posted $1.81 earnings per share. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. Equities research analysts expect that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. This represents a 7.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares in the company, valued at approximately $18,274,749.33. This represents a 12.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the company. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. DA Davidson raised their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. KeyCorp boosted their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Raymond James lowered their price objective on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, BMO Capital Markets upped their price target on Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Patrick Industries Company Profile

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.