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 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Tuesday, February 18th.

Patrick Industries has raised its dividend payment by an average of 24.4% annually over the last three years. Patrick Industries has a dividend payout ratio of 25.4% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of NASDAQ PATK opened at $95.76 on Friday. The business’s 50 day moving average price is $89.56 and its 200 day moving average price is $88.95. The firm 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 has a 52 week low of $67.72 and a 52 week high of $98.90. The company has a quick ratio of 0.97, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PATK shares. BMO Capital Markets upped their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Truist Financial upped their price objective on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. Benchmark upped their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $97.96.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.70% of the stock is owned by corporate insiders.

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.