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

Patrick Industries, Inc. (NASDAQ:PATK) announced a quarterly dividend on Wednesday, November 11th. Shareholders 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 annualized dividend and a 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 payment by an average of 0.2% annually 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. 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 Trading Up 2.7%

Shares of PATK stock traded up $2.10 during mid-day trading on Friday, reaching $80.69. The stock had a trading volume of 399,452 shares, compared to its average volume of 546,714. The company has a current ratio of 2.51, a quick ratio of 0.86 and a debt-to-equity ratio of 1.20. The stock’s 50-day moving average price is $71.95 and its two-hundred day moving average price is $93.88. The firm has a market capitalization of $2.59 billion, a PE ratio of 20.96, a price-to-earnings-growth ratio of 2.06 and a beta of 1.21. Patrick Industries has a 52-week low of $63.00 and a 52-week high of $148.50.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 29th. The construction company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.06. The business had revenue of $975.28 million during the quarter, compared to analysts’ expectations of $938.49 million. Patrick Industries had a return on equity of 12.61% and a net margin of 3.38%. The business’s revenue was up .0% on a year-over-year basis. During the same quarter last year, the business posted $1.01 EPS. Equities analysts expect that Patrick Industries will post 4.24 earnings per share for the current fiscal year.

About Patrick Industries

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.