Patrick Industries, Inc. (NASDAQ:PATK) Declares Quarterly Dividend of $0.33

Patrick Industries, Inc. (NASDAQ:PATKGet Rating) announced a quarterly dividend on Friday, May 13th, Zacks reports. Stockholders of record on Tuesday, May 31st will be given 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% indicating that 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%.

NASDAQ:PATK opened at $67.84 on Friday. Patrick Industries has a 52 week low of $54.80 and a 52 week high of $92.67. The company has a quick ratio of 0.96, a current ratio of 2.37 and a debt-to-equity ratio of 1.86. The stock has a market capitalization of $1.56 billion, a PE ratio of 5.59, a price-to-earnings-growth ratio of 0.77 and a beta of 1.95. The stock’s 50-day moving average price is $63.18 and its 200-day moving average price is $71.05.

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

A number of research firms have weighed in on PATK. MKM Partners began coverage on shares of Patrick Industries in a research note on Thursday, May 5th. They issued a “buy” rating and a $93.00 target price on the stock. Truist Financial assumed coverage on shares of Patrick Industries in a research report on Tuesday, April 12th. They set a “buy” rating and a $75.00 price target on the stock. StockNews.com assumed coverage on shares of Patrick Industries in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $78.00 price target on the stock in a research report on Thursday, May 5th. Finally, Bank of America began coverage on shares of Patrick Industries in a report on Monday, April 4th. They issued an “underperform” rating and a $60.00 target price for the company. One analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $83.33.

In related news, Chairman Todd M. Cleveland sold 5,000 shares of the business’s stock in a transaction on Friday, May 13th. The shares were sold at an average price of $67.65, for a total transaction of $338,250.00. Following the completion of the transaction, the chairman now owns 190,517 shares in the company, valued at $12,888,475.05. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Todd M. Cleveland sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $68.32, for a total transaction of $683,200.00. Following the transaction, the chairman now owns 220,517 shares of the company’s stock, valued at approximately $15,065,721.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,103 shares of company stock valued at $1,556,669. Insiders own 6.10% of the company’s stock.

Several hedge funds have recently modified their holdings of PATK. Goldman Sachs Group Inc. grew its stake in shares of Patrick Industries by 275.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 194,068 shares of the construction company’s stock worth $15,660,000 after purchasing an additional 142,443 shares in the last quarter. LPL Financial LLC purchased a new stake in Patrick Industries in the fourth quarter valued at $225,000. State Street Corp lifted its position in Patrick Industries by 6.1% in the fourth quarter. State Street Corp now owns 733,219 shares of the construction company’s stock valued at $59,163,000 after acquiring an additional 42,268 shares during the last quarter. Millennium Management LLC lifted its position in Patrick Industries by 13.6% in the fourth quarter. Millennium Management LLC now owns 143,962 shares of the construction company’s stock valued at $11,616,000 after acquiring an additional 17,272 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Patrick Industries in the fourth quarter valued at $246,000. Hedge funds and other institutional investors own 94.85% of the company’s stock.

About Patrick Industries (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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