Patrick Industries, Inc. (NASDAQ:PATK) Declares Dividend Increase - $0.52 Per Share

Key Points

• Patrick Industries raised its quarterly dividend 10.6%, from $0.47 to $0.52 per share. The payment is scheduled for December 7 to shareholders of record November 23, representing a stated annualized yield of 2.6%.
• The company’s dividend appears supported by earnings: its payout ratio is 34.7%, and analysts expect next year’s earnings to cover the dividend.
• Patrick reported quarterly earnings of $1.03 per share, above the $0.97 analyst consensus, and revenue of $975.28 million, exceeding expectations of $938.49 million.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) declared a quarterly dividend on Wednesday, November 11th. Stockholders of record on Monday, November 23rd will be paid 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 of this dividend 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. Equities research 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 Price Performance

Shares of NASDAQ:PATK traded up $2.10 on Friday, hitting $80.69. The company had a trading volume of 399,452 shares, compared to its average volume of 546,714. The company has a market cap of $2.59 billion, a PE ratio of 20.96, a PEG ratio of 2.06 and a beta of 1.21. The business has a 50 day moving average of $71.95 and a 200 day moving average of $93.88. Patrick Industries has a 52-week low of $63.00 and a 52-week high of $148.50. The company has a current ratio of 2.51, a quick ratio of 0.86 and a debt-to-equity ratio of 1.20.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The construction company reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.06. Patrick Industries had a return on equity of 12.61% and a net margin of 3.38%. The company had revenue of $975.28 million for the quarter, compared to analysts' expectations of $938.49 million. During the same quarter in the previous year, the firm posted $1.01 earnings per share. The firm's quarterly revenue was up .0% on a year-over-year basis. As a group, equities analysts anticipate that Patrick Industries will post 4.24 earnings per share for the current fiscal year.

Institutional Trading of Patrick Industries

A number of institutional investors and hedge funds have recently modified their holdings of the business. Foster & Motley Inc. purchased a new position in Patrick Industries during the second quarter valued at approximately $1,347,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Patrick Industries in the 1st quarter worth approximately $5,220,000. Jupiter Topco LLC purchased a new position in shares of Patrick Industries during the 2nd quarter valued at $1,289,000. Bank of America Corp DE bought a new position in shares of Patrick Industries in the second quarter worth $30,646,000. Finally, Congress Asset Management Co. raised its position in shares of Patrick Industries by 21.4% in the third quarter. Congress Asset Management Co. now owns 202,196 shares of the construction company's stock worth $13,705,000 after buying an additional 35,679 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

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.

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