Patrick Industries, Inc. (PATK) to Distribute Quarterly Dividend of $0.52 on December 7th

Patrick Industries, Inc. (NASDAQ:PATK) announced a quarterly dividend on Wednesday, November 11th. Stockholders of record on Monday, November 23rd will be given a dividend of $0.52 per share by the construction company on Monday, December 7th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, November 23rd. This is a 10.6% increase from Patrick Industries’s previous quarterly dividend of $0.47.

Patrick Industries has increased 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% indicating that its dividend is sufficiently covered by earnings. Analysts expect Patrick Industries to earn $5.11 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 36.8%.

Patrick Industries Stock Up 2.7%

PATK traded up $2.10 on Friday, reaching $80.69. 399,452 shares of the company traded hands, compared to its average volume of 546,714. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 2.06 and a beta of 1.21. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.51 and a quick ratio of 0.86. The stock’s 50 day moving average price is $71.95 and its 200-day moving average price is $93.88. Patrick Industries has a 52-week low of $63.00 and a 52-week high of $148.50.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 29th. The construction company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. The company had revenue of $975.28 million during the quarter, compared to the consensus estimate of $938.49 million. Patrick Industries had a net margin of 3.38% and a return on equity of 12.61%. The company’s revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 EPS. On average, sell-side analysts expect that Patrick Industries will post 4.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Zacks Research raised shares of Patrick Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 3rd. Truist Financial set a $88.00 price objective on Patrick Industries and gave the company a “buy” rating in a research report on Friday, October 23rd. Weiss Ratings downgraded Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, September 29th. Wells Fargo & Company assumed coverage on Patrick Industries in a research report on Monday. They issued an “overweight” rating and a $95.00 target price on the stock. Finally, Wall Street Zen downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $101.90.

About Patrick Industries

Patrick Industries, Inc. is a manufacturer and distributor of component products and building materials for recreational vehicles, marine products, manufactured housing, and other markets. Founded in 1959 and headquartered in Elkhart, Indiana, the company supplies products used in the construction and furnishing of vehicles, homes, and industrial applications. Its offerings include cabinetry, countertops, flooring, insulation, furniture, fabricated metal products, laminates, and other interior and structural components.