Patrick Industries, Inc. (PATK) To Go Ex-Dividend on August 24th

Patrick Industries, Inc. (NASDAQ:PATK) 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) dividend on an annualized basis 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%per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Patrick Industries has a payout ratio of 34.7% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of NASDAQ:PATK opened at $86.06 on Friday. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25. Patrick Industries has a 1 year low of $81.29 and a 1 year high of $148.50. The business has a fifty day simple moving average of $86.50 and a 200 day simple moving average of $103.05. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 20.39 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $994.95 million. During the same quarter last year, the firm earned $1.50 earnings per share. The business’s revenue for the quarter was down .6% on a year-over-year basis. As a group, sell-side analysts predict that Patrick Industries will post 4.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PATK has been the subject of several recent research reports. Raymond James Financial reissued an “outperform” rating and issued a $94.00 price target on shares of Patrick Industries in a research note on Friday, July 31st. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research report on Friday, May 1st. Weiss Ratings cut shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. BMO Capital Markets reiterated an “outperform” rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Finally, Zacks Research downgraded shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average price target of $113.12.

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.