Patrick Industries Rewards Shareholders with 18% Dividend Hike

Patrick Industries (PATK) has raised its quarterly dividend by 17.9% to $0.33 per share.

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Upbeat Q3 Results

On October 28, Patrick Industries reported strong Q3 results. Earnings of $2.45 per share outpaced the Street’s estimates of $2.02. Total revenues of $1.1 billion were above the consensus estimate of $963.33 million.

Wall Street’s Take

Robert W. Baird analyst Craig Kennison recently reiterated a Buy rating on Patrick Industries with a price target of $104 (25.9% upside potential).

The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on two Buys. The average Patrick Industries price target of $97 implies 17.4% upside potential to current levels.

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