Patrick Industries, Inc. (PATK) to Issue Quarterly Dividend of $0.47 on June 8th

Patrick Industries, Inc. (NASDAQ:PATK) declared a quarterly dividend on Thursday, May 14th. Stockholders of record on Tuesday, May 26th will be given a dividend of 0.47 per share by the construction company on Monday, June 8th. This represents a c) dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, May 26th.

Patrick Industries has raised its dividend by an average of 0.2%per year over the last three years and has increased its dividend every year for the last 6 years. Patrick Industries has a dividend payout ratio of 34.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Patrick Industries to earn $5.84 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 32.2%.

Patrick Industries Trading Up 0.7%

NASDAQ:PATK opened at $90.87 on Friday. The firm has a market cap of $2.99 billion, a P/E ratio of 23.30 and a beta of 1.12. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The stock’s 50 day simple moving average is $103.88 and its 200-day simple moving average is $113.14. Patrick Industries has a 12-month low of $82.24 and a 12-month high of $148.50.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The firm had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. During the same period in the previous year, the business earned $1.11 earnings per share. The company’s revenue for the quarter was down .6% compared to the same quarter last year. Equities analysts anticipate that Patrick Industries will post 4.94 EPS for the current year.

Insider Activity

In other news, CEO Andy L. Nemeth acquired 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average cost of $88.00 per share, with a total value of $880,000.00. Following the completion of the acquisition, the chief executive officer owned 287,745 shares in the company, valued at $25,321,560. This trade represents a 3.60% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Matthew S. Filer acquired 1,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average cost of $85.50 per share, with a total value of $85,500.00. Following the completion of the acquisition, the chief financial officer owned 21,614 shares of the company’s stock, valued at $1,847,997. The trade was a 4.85% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 37,410 shares of company stock valued at $3,550,239 in the last 90 days. Insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lodge Hill Capital LLC raised its holdings in Patrick Industries by 13.9% during the first quarter. Lodge Hill Capital LLC now owns 205,000 shares of the construction company’s stock worth $22,769,000 after purchasing an additional 25,000 shares during the last quarter. California State Teachers Retirement System raised its holdings in Patrick Industries by 24.6% during the first quarter. California State Teachers Retirement System now owns 37,998 shares of the construction company’s stock worth $4,220,000 after purchasing an additional 7,501 shares during the last quarter. Empowered Funds LLC raised its holdings in Patrick Industries by 3.6% during the first quarter. Empowered Funds LLC now owns 18,761 shares of the construction company’s stock worth $2,084,000 after purchasing an additional 650 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Patrick Industries by 4.0% during the first quarter. The Manufacturers Life Insurance Company now owns 15,470 shares of the construction company’s stock worth $1,718,000 after purchasing an additional 599 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in Patrick Industries by 31.5% during the first quarter. Quantinno Capital Management LP now owns 10,005 shares of the construction company’s stock worth $1,111,000 after purchasing an additional 2,399 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.