Patrick Industries, Inc. (PATK) To Go Ex-Dividend on August 24th

Patrick Industries, Inc. (NASDAQ:PATK) announced a quarterly dividend on Thursday, August 13th. Stockholders of record on Monday, August 24th will be given a dividend of 0.47 per share by the construction company on Tuesday, September 8th. This represents a c) annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Monday, August 24th.

Patrick Industries has raised its dividend payment by an average of 0.2%annually over the last three years and has raised its dividend every year for the last 6 years. Patrick Industries has a payout ratio of 34.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Patrick Industries to earn $5.26 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 35.7%.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $83.41 on Friday. The firm has a market cap of $2.68 billion, a PE ratio of 19.77 and a beta of 1.11. Patrick Industries has a twelve month low of $81.29 and a twelve month high of $148.50. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The business has a 50-day moving average price of $86.42 and a 200 day moving average price of $101.52.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $994.95 million. During the same quarter last year, the company earned $1.50 EPS. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. Sell-side analysts predict that Patrick Industries will post 4.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

PATK has been the subject of several analyst reports. KeyCorp lowered their price objective on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Robert W. Baird set a $110.00 price target on Patrick Industries in a report on Friday, May 1st. Benchmark reiterated a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Roth Capital set a $114.00 price target on shares of Patrick Industries in a research note on Friday, July 31st. Finally, Weiss Ratings downgraded shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $113.12.

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.