Patrick Industries, Inc. (PATK) To Go Ex-Dividend on February 18th

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 given a dividend of 0.40 per share by the construction company on Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date is Tuesday, February 18th.

Patrick Industries has raised its dividend 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. 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 PATK opened at $95.76 on Friday. Patrick Industries has a twelve month low of $67.72 and a twelve 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 company’s fifty day simple moving average is $89.56 and its 200-day simple moving average is $88.95. The company has a market cap of $3.22 billion, a P/E ratio of 23.24, a P/E/G ratio of 1.42 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping 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%. As a group, analysts expect that Patrick Industries will post 5.38 EPS for the current year.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction dated Monday, November 25th. The stock was 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 directly owns 364,678 shares in the company, valued at approximately $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

PATK has been the topic of several recent analyst reports. Benchmark raised 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. BMO Capital Markets raised their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. KeyCorp upped their price objective 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. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Finally, Truist Financial upped their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $97.96.

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.