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

Key Points

• Patrick Industries declared a quarterly dividend of $0.47 per share, payable September 8 to shareholders of record on August 24. The dividend implies an annualized yield of approximately 2.2%.
• The company has increased its dividend for six consecutive years, with a payout ratio of 34.7%; analysts expect earnings to adequately cover the projected $1.88 annual dividend.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $113.12, despite shares recently trading near $86 and the latest quarter’s revenue declining slightly year over year.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) declared 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 2.2%. 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 dividend payout ratio of 34.7% meaning 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 Stock Performance

Shares of NASDAQ PATK traded down $0.40 during midday trading on Friday, hitting $86.06. The company's stock had a trading volume of 570,625 shares, compared to its average volume of 504,147. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 20.39 and a beta of 1.11. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25. The stock has a fifty day moving average price of $86.48 and a 200 day moving average price of $103.17. Patrick Industries has a one year low of $81.29 and a one year high of $148.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share 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 business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. During the same period in the previous year, the business earned $1.50 EPS. Patrick Industries's revenue was down .6% compared to the same quarter last year. On average, research analysts forecast that Patrick Industries will post 4.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PATK. BMO Capital Markets reiterated an "outperform" rating and issued a $150.00 price target (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Raymond James Financial restated an "outperform" rating and issued a $94.00 target price on shares of Patrick Industries in a research note on Friday, July 31st. Robert W. Baird set a $110.00 price target on Patrick Industries in a research report on Friday, May 1st. KeyCorp cut their price objective on Patrick Industries from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. Finally, Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the stock a "buy" rating in a research report on Monday. 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target 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.

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