Patrick Industries, Inc. (NASDAQ:PATK) to Issue — Dividend of $0.25

Patrick Industries, Inc. (NASDAQ:PATK) declared a — dividend on Wednesday, December 4th, Wall Street Journal reports. Investors of record on Monday, December 16th will be given a dividend of 0.25 per share by the construction company on Monday, December 30th. The ex-dividend date of this dividend is Friday, December 13th.

Shares of NASDAQ:PATK traded up $1.34 during trading hours on Wednesday, hitting $51.06. 124,354 shares of the company’s stock traded hands, compared to its average volume of 220,013. Patrick Industries has a 1 year low of $27.32 and a 1 year high of $55.87. The business has a fifty day moving average price of $48.76 and a 200-day moving average price of $44.18. The firm has a market capitalization of $1.18 billion, a P/E ratio of 10.98, a price-to-earnings-growth ratio of 1.93 and a beta of 2.14. The company has a debt-to-equity ratio of 1.51, a current ratio of 2.61 and a quick ratio of 1.31.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 24th. The construction company reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.04). Patrick Industries had a net margin of 4.16% and a return on equity of 20.73%. The business had revenue of $566.19 million for the quarter, compared to analysts’ expectations of $576.97 million. During the same quarter last year, the firm earned $1.15 EPS. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, equities analysts predict that Patrick Industries will post 3.75 earnings per share for the current year.

In other Patrick Industries news, CEO Todd M. Cleveland sold 3,222 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $52.75, for a total transaction of $169,960.50. Following the sale, the chief executive officer now directly owns 631,951 shares of the company’s stock, valued at $33,335,415.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Andy L. Nemeth sold 15,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $45.00, for a total transaction of $675,000.00. Following the sale, the president now directly owns 172,982 shares in the company, valued at $7,784,190. The disclosure for this sale can be found here. Insiders sold 112,371 shares of company stock valued at $5,631,643 over the last 90 days. Insiders own 7.60% of the company’s stock.

Several research analysts recently weighed in on the stock. Robert W. Baird upped their price target on shares of Patrick Industries from $46.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Saturday, October 5th. Bank of America decreased their price objective on shares of Patrick Industries from $51.00 to $36.00 and set an “underperform” rating on the stock in a report on Wednesday, September 4th. BidaskClub downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, ValuEngine downgraded shares of Patrick Industries from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $49.80.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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