Patrick Industries, Inc. (NASDAQ:PATK) to Issue $0.40 Quarterly Dividend

Patrick Industries, Inc. (NASDAQ:PATK) declared a quarterly dividend on Monday, February 3rd,Wall Street Journal reports. Stockholders of record on Tuesday, February 18th will be paid a dividend of 0.40 per share by the construction company on Monday, March 3rd. This represents a $1.60 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Tuesday, February 18th.

Patrick Industries has increased its dividend payment by an average of 24.4% annually over the last three years. Patrick Industries has a payout ratio of 25.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Patrick Industries to earn $6.59 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 24.3%.

Patrick Industries Trading Up 1.2 %

Shares of Patrick Industries stock opened at $95.76 on Friday. The company has a fifty day simple moving average of $89.56 and a 200-day simple moving average of $88.95. Patrick Industries has a 12-month low of $67.72 and a 12-month high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.97 and a debt-to-equity ratio of 1.16. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 1.42 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. On average, equities analysts forecast that Patrick Industries will post 5.38 EPS for the current fiscal year.

Insider Transactions at Patrick Industries

In related news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the sale, the chief executive officer now owns 364,678 shares in the company, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.70% of the company’s stock.

Analysts Set New Price Targets

PATK has been the subject of a number of recent research reports. KeyCorp increased their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Raymond James increased their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Truist Financial increased their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. Benchmark increased their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, BMO Capital Markets increased their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.96.

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.