Patrick Industries, Inc. (NASDAQ:PATK) Declares $0.47 Quarterly Dividend

Patrick Industries, Inc. (NASDAQ:PATK) announced a quarterly dividend on Thursday, May 14th. Stockholders of record on Tuesday, May 26th will be given a dividend of 0.47 per share by the construction company on Monday, June 8th. This represents a c) annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, May 26th.

Patrick Industries has increased its dividend payment 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 payout ratio of 34.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Patrick Industries to earn $5.84 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 32.2%.

Patrick Industries Stock Performance

Patrick Industries stock traded down $2.95 during mid-day trading on Friday, hitting $91.19. 324,569 shares of the company’s stock traded hands, compared to its average volume of 432,770. The firm has a 50 day simple moving average of $107.10 and a two-hundred day simple moving average of $113.74. Patrick Industries has a fifty-two week low of $82.24 and a fifty-two week high of $148.50. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 23.38 and a beta of 1.12. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. During the same quarter last year, the firm earned $1.11 earnings per share. The company’s revenue was down .6% on a year-over-year basis. On average, research analysts expect that Patrick Industries will post 4.94 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PATK. Roth Mkm set a $128.00 price target on Patrick Industries in a research report on Tuesday, May 5th. Robert W. Baird set a $110.00 price target on Patrick Industries in a research report on Friday, May 1st. Raymond James Financial set a $108.00 price target on Patrick Industries in a research report on Friday, May 1st. Zacks Research cut Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Finally, KeyCorp decreased their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $122.63.

Patrick Industries Company Profile

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.