Patrick Industries, Inc. (NASDAQ:PATK) to Issue $0.33 Quarterly Dividend

Patrick Industries, Inc. (NASDAQ:PATKGet Rating) declared a quarterly dividend on Friday, May 13th, Zacks reports. Shareholders of record on Tuesday, May 31st will be paid a dividend of 0.33 per share by the construction company on Monday, June 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Friday, May 27th.

Patrick Industries has a dividend payout ratio of 12.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Patrick Industries to earn $10.91 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 12.1%.

Shares of PATK opened at $67.84 on Friday. The stock’s 50-day moving average is $63.18 and its two-hundred day moving average is $71.05. The stock has a market cap of $1.56 billion, a PE ratio of 5.59, a P/E/G ratio of 0.77 and a beta of 1.95. Patrick Industries has a 12 month low of $54.80 and a 12 month high of $92.67. The company has a debt-to-equity ratio of 1.86, a current ratio of 2.37 and a quick ratio of 0.96.

Patrick Industries (NASDAQ:PATKGet Rating) last issued its quarterly earnings data on Thursday, April 28th. The construction company reported $4.93 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $2.04. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. The firm’s quarterly revenue was up 57.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.80 earnings per share. On average, research analysts anticipate that Patrick Industries will post 13.16 earnings per share for the current year.

In related news, Chairman Todd M. Cleveland sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $68.32, for a total value of $683,200.00. Following the completion of the transaction, the chairman now directly owns 220,517 shares of the company’s stock, valued at approximately $15,065,721.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Todd M. Cleveland sold 5,000 shares of the stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $66.68, for a total value of $333,400.00. Following the completion of the transaction, the chairman now directly owns 215,517 shares of the company’s stock, valued at $14,370,673.56. The disclosure for this sale can be found here. Insiders have sold a total of 23,103 shares of company stock worth $1,556,669 over the last quarter. Insiders own 6.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of PATK. BlackRock Inc. boosted its stake in Patrick Industries by 5.8% during the 1st quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock valued at $222,602,000 after purchasing an additional 201,274 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Patrick Industries by 275.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 194,068 shares of the construction company’s stock valued at $15,660,000 after purchasing an additional 142,443 shares in the last quarter. Vanguard Group Inc. boosted its stake in Patrick Industries by 6.4% during the 1st quarter. Vanguard Group Inc. now owns 1,627,903 shares of the construction company’s stock valued at $98,163,000 after purchasing an additional 97,558 shares in the last quarter. State Street Corp boosted its stake in Patrick Industries by 6.1% during the 4th quarter. State Street Corp now owns 733,219 shares of the construction company’s stock valued at $59,163,000 after purchasing an additional 42,268 shares in the last quarter. Finally, Clark Estates Inc. NY bought a new position in Patrick Industries during the 1st quarter valued at $2,141,000. 94.85% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently commented on PATK shares. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $78.00 price target on the stock in a research note on Thursday, May 5th. StockNews.com started coverage on Patrick Industries in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Truist Financial started coverage on Patrick Industries in a research note on Tuesday, April 12th. They set a “buy” rating and a $75.00 price objective on the stock. MKM Partners started coverage on Patrick Industries in a research note on Thursday, May 5th. They set a “buy” rating and a $93.00 price objective on the stock. Finally, Bank of America started coverage on Patrick Industries in a research note on Monday, April 4th. They set an “underperform” rating and a $60.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Patrick Industries currently has a consensus rating of “Buy” and an average target price of $83.33.

Patrick Industries Company Profile (Get Rating)

Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

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Dividend History for Patrick Industries (NASDAQ:PATK)

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