Patrick Industries, Inc. (NASDAQ:PATK) Announces Quarterly Dividend of $0.47

Patrick Industries, Inc. (NASDAQ:PATK) announced a quarterly dividend on Wednesday, November 19th. Stockholders of record on Monday, December 1st will be given a dividend of 0.47 per share by the construction company on Monday, December 15th. This represents a c) annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, December 1st. This is a 17.5% increase from Patrick Industries’s previous quarterly dividend of $0.40.

Patrick Industries has raised its dividend by an average of 0.5%per year over the last three years and has increased its dividend every year for the last 6 years. Patrick Industries has a payout ratio of 29.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Patrick Industries to earn $6.37 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 25.1%.

Patrick Industries Price Performance

Shares of Patrick Industries stock traded up $0.81 during trading on Thursday, reaching $99.24. The company’s stock had a trading volume of 217,439 shares, compared to its average volume of 331,108. The stock has a 50-day moving average price of $102.66 and a two-hundred day moving average price of $99.22. The stock has a market capitalization of $3.30 billion, a P/E ratio of 26.89, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. Patrick Industries has a one year low of $72.99 and a one year high of $116.78.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.06. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The firm had revenue of $975.63 million during the quarter, compared to analysts’ expectations of $900.35 million. During the same quarter last year, the company posted $1.80 EPS. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Patrick Industries will post 5.33 EPS for the current fiscal year.

Institutional Trading of Patrick Industries

Institutional investors and hedge funds have recently modified their holdings of the stock. Nuveen LLC bought a new stake in Patrick Industries in the first quarter valued at approximately $33,735,000. American Century Companies Inc. grew its holdings in shares of Patrick Industries by 33.8% in the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock valued at $65,732,000 after buying an additional 180,092 shares during the period. Tributary Capital Management LLC increased its position in shares of Patrick Industries by 52.0% in the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock valued at $38,435,000 after buying an additional 127,099 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Patrick Industries in the 2nd quarter valued at $9,800,000. Finally, Watchtower Advisors LP acquired a new stake in Patrick Industries during the 2nd quarter worth $9,227,000. 93.29% of the stock is owned by institutional investors.

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.