Patrick Industries, Inc. (PATK) To Go Ex-Dividend on December 16th

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 is Monday, December 16th. This is an increase 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% indicating that its dividend is sufficiently covered by earnings. 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 Performance

Shares of NASDAQ:PATK opened at $133.26 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The business’s fifty day moving average price is $136.65 and its two-hundred day moving average price is $123.89. Patrick Industries has a fifty-two week low of $80.62 and a fifty-two week high of $148.35. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of 19.15, a price-to-earnings-growth ratio of 1.37 and a beta of 1.62.

Shares of Patrick Industries are going to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be distributed to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The business had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.81 earnings per share. As a group, analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PATK shares. KeyCorp increased their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Truist Financial increased their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Robert W. Baird boosted their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. BMO Capital Markets increased their price objective on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, DA Davidson boosted their target price on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $139.88.

Insider Transactions at Patrick Industries

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the sale, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. This trade represents a 12.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly 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 disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 in the last three months. 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.