Patrick Industries, Inc. (PATK) to Issue Quarterly Dividend of $0.55 on December 11th

Patrick Industries, Inc. (NASDAQ:PATK) declared a quarterly dividend on Wednesday, November 15th, Zacks reports. Investors of record on Monday, November 27th will be given a dividend of 0.55 per share by the construction company on Monday, December 11th. This represents a $2.20 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Friday, November 24th. This is an increase from Patrick Industries’s previous quarterly dividend of $0.45.

Patrick Industries has increased its dividend payment by an average of 79.3% per year over the last three years and has raised its dividend every year for the last 4 years. Patrick Industries has a payout ratio of 22.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Patrick Industries to earn $8.03 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 22.4%.

Patrick Industries Price Performance

PATK opened at $83.58 on Friday. The company has a current ratio of 2.42, a quick ratio of 0.87 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $1.85 billion, a P/E ratio of 12.33, a PEG ratio of 4.29 and a beta of 1.85. The stock has a 50-day moving average price of $76.12 and a 200-day moving average price of $76.94. Patrick Industries has a 12-month low of $52.55 and a 12-month high of $87.36.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 26th. The construction company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.09. Patrick Industries had a return on equity of 15.75% and a net margin of 4.18%. The company had revenue of $866.07 million during the quarter, compared to the consensus estimate of $839.93 million. Patrick Industries’s quarterly revenue was down 22.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.43 EPS. Equities analysts predict that Patrick Industries will post 6.48 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Bank of America lifted their target price on shares of Patrick Industries from $63.00 to $75.00 and gave the stock an “underperform” rating in a research report on Monday, August 7th. Robert W. Baird boosted their target price on Patrick Industries from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. StockNews.com upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research report on Tuesday. Truist Financial lowered their price objective on Patrick Industries from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, October 17th. Finally, KeyCorp raised their target price on shares of Patrick Industries from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $88.20.

Insider Transactions at Patrick Industries

In related news, Director Derrick B. Mayes sold 1,900 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $77.42, for a total transaction of $147,098.00. Following the completion of the transaction, the director now owns 7,001 shares in the company, valued at $542,017.42. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Derrick B. Mayes sold 1,900 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $77.42, for a total value of $147,098.00. Following the completion of the transaction, the director now directly owns 7,001 shares of the company’s stock, valued at $542,017.42. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Andy L. Nemeth sold 24,990 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $80.20, for a total transaction of $2,004,198.00. Following the completion of the sale, the chief executive officer now owns 318,013 shares of the company’s stock, valued at $25,504,642.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,390 shares of company stock worth $2,360,221. 6.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in PATK. BlackRock Inc. increased its stake in shares of Patrick Industries by 5.8% in the 1st quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock worth $222,602,000 after acquiring an additional 201,274 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Patrick Industries by 4.4% during the third quarter. Vanguard Group Inc. now owns 1,860,048 shares of the construction company’s stock valued at $81,543,000 after purchasing an additional 78,014 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Patrick Industries by 9.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,298,834 shares of the construction company’s stock valued at $89,370,000 after purchasing an additional 109,174 shares during the last quarter. State Street Corp grew its stake in shares of Patrick Industries by 3.8% in the 1st quarter. State Street Corp now owns 760,855 shares of the construction company’s stock worth $45,880,000 after buying an additional 27,636 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Patrick Industries by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 437,192 shares of the construction company’s stock valued at $34,975,000 after buying an additional 7,010 shares in the last quarter. Hedge funds and other institutional investors own 93.18% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes components, building 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.