Patrick Industries, Inc. (PATK) To Go Ex-Dividend on November 25th

Patrick Industries, Inc. (NASDAQ:PATK) declared a quarterly dividend on Thursday, November 14th,Wall Street Journal reports. Investors 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 yield of 1.77%. The ex-dividend date of this dividend is Monday, November 25th. This is an increase from Patrick Industries’s previous quarterly dividend of $0.55.

Patrick Industries has increased its dividend payment 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. Equities 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 %

Shares of Patrick Industries stock opened at $135.45 on Friday. The business’s fifty day moving average price is $136.65 and its two-hundred day moving average price is $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. The company has a market capitalization of $3.03 billion, a P/E ratio of 19.46, a PEG ratio of 1.41 and a beta of 1.62. Patrick Industries has a 1-year low of $80.62 and a 1-year high of $148.35.

Shares of Patrick Industries are scheduled to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly created shares will be distributed to shareholders after the market closes on Friday, December 13th.

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Truist Financial upped their price objective on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. DA Davidson upped their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. KeyCorp upped their price target on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Benchmark reaffirmed a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research report on Monday, November 4th. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $139.88.

Insider Transactions at Patrick Industries

In other news, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the sale, the director now owns 82,374 shares in the company, valued at approximately $10,795,112.70. This represents a 8.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the 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 sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The trade was a 7.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is owned by corporate 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.