Patrick Industries, Inc. (PATK) to Issue Quarterly Dividend of $0.47 on March 9th

Patrick Industries, Inc. (NASDAQ:PATK) declared a quarterly dividend on Monday, February 2nd. Shareholders of record on Monday, February 23rd will be given a dividend of 0.47 per share by the construction company on Monday, March 9th. This represents a c) dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Monday, February 23rd.

Patrick Industries has raised 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. Equities research analysts expect Patrick Industries to earn $6.37 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 29.5%.

Patrick Industries Stock Up 0.8%

PATK traded up $1.03 on Friday, reaching $136.85. The company’s stock had a trading volume of 249,920 shares, compared to its average volume of 333,691. Patrick Industries has a 1 year low of $72.99 and a 1 year high of $148.50. The business’s 50 day moving average is $124.56 and its 200 day moving average is $112.38. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The stock has a market cap of $4.55 billion, a price-to-earnings ratio of 35.00, a price-to-earnings-growth ratio of 1.43 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.Patrick Industries’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 EPS. As a group, research analysts forecast that Patrick Industries will post 5.33 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on PATK. Loop Capital began coverage on shares of Patrick Industries in a report on Friday, October 31st. They set a “hold” rating and a $99.00 price objective for the company. Benchmark reiterated a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. KeyCorp reissued an “overweight” rating and issued a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Robert W. Baird set a $140.00 target price on Patrick Industries in a report on Friday, February 6th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 target price on shares of Patrick Industries in a research report on Friday, February 6th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $135.13.

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.