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Patrick (PATK) Impresses Investors With 22% Dividend Hike
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In a bid to reward shareholders, Patrick Industries, Inc. (PATK - Free Report) recently announced a 22.2% hike in its quarterly dividend. The company has been driving shareholder value through regular dividend hikes, share repurchase programs and reinvesting in the business.
On Nov 19, Patrick increased its quarterly cash dividend to 55 cents per share from 45 cents paid earlier. The dividend will be payable on Dec 11, 2023, to its shareholders of record as of the close of business on Nov 27.
Since December 2019, Patrick's board of directors adopted a regular quarterly cash dividend policy. PATK paid cash dividends of $32.9, $27, $23.6 and $5.8 million in 2022, 2021, 2020 and 2019, respectively.
A solid capital allocation strategy — which is a testimony to the fact that it is well positioned amid macroeconomic woes — drives long-term sustainable growth and shareholder value, returning approximately $10 million to shareholders in the third quarter of 2023 through dividends.
Last year, on Nov 11, its board approved a 36.4% increase in the dividend rate to 45 cents per share from 33 cents. We note that dividend hikes are becoming a regular event for this leading manufacturer and distributor of components and building products.
Can Patrick Sustain Dividend Hikes?
Patrick pivots around strategies that ensure operational excellence, an increase in customer reach and long-term growth. Its primary focus comprises accretive acquisitions, strategic diversification and efficient capital allocation.
Patrick’s focus on strategic diversification, primarily across leisure lifestyle and housing markets, has positioned it to deliver growth in the gross margin in this challenging economic scenario. Also, the company’s disciplined capital allocation strategy allows it to maintain a stable balance between offering shareholder value and strategic business growth.
GTES’ expected earnings growth rate for 2023 is 10.5%. The consensus mark for GTES’ 2023 earnings has moved north to $1.26 per share from $1.21 in the past 30 days.
Howmet Aerospace, Inc. (HWM - Free Report) is a global manufacturer of engineered products serving the aerospace, defense and commercial transportation industries. The company is expected to benefit from higher aircraft production rates and the ease of supply chains in the transportation market.
Howmet Aerospace currently carries a Zacks Rank #2 (Buy). HWM’s earnings for 2023 are expected to grow by 27.1%. The consensus mark for HWM’s 2023 earnings has moved north to $1.78 per share from $1.77 in the past seven days.
Willdan Group, Inc. (WLDN - Free Report) is a nationwide provider of professional, technical and consulting services to utilities, government agencies and private industry.
WLDN presently carries a Zacks Rank #2. Its expected earnings growth rate for 2023 is 50%.
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Patrick (PATK) Impresses Investors With 22% Dividend Hike
In a bid to reward shareholders, Patrick Industries, Inc. (PATK - Free Report) recently announced a 22.2% hike in its quarterly dividend. The company has been driving shareholder value through regular dividend hikes, share repurchase programs and reinvesting in the business.
On Nov 19, Patrick increased its quarterly cash dividend to 55 cents per share from 45 cents paid earlier. The dividend will be payable on Dec 11, 2023, to its shareholders of record as of the close of business on Nov 27.
Since December 2019, Patrick's board of directors adopted a regular quarterly cash dividend policy. PATK paid cash dividends of $32.9, $27, $23.6 and $5.8 million in 2022, 2021, 2020 and 2019, respectively.
A solid capital allocation strategy — which is a testimony to the fact that it is well positioned amid macroeconomic woes — drives long-term sustainable growth and shareholder value, returning approximately $10 million to shareholders in the third quarter of 2023 through dividends.
Last year, on Nov 11, its board approved a 36.4% increase in the dividend rate to 45 cents per share from 33 cents. We note that dividend hikes are becoming a regular event for this leading manufacturer and distributor of components and building products.
Can Patrick Sustain Dividend Hikes?
Patrick pivots around strategies that ensure operational excellence, an increase in customer reach and long-term growth. Its primary focus comprises accretive acquisitions, strategic diversification and efficient capital allocation.
Patrick’s focus on strategic diversification, primarily across leisure lifestyle and housing markets, has positioned it to deliver growth in the gross margin in this challenging economic scenario. Also, the company’s disciplined capital allocation strategy allows it to maintain a stable balance between offering shareholder value and strategic business growth.
Image Source: Zacks Investment Research
Shares of PATK surged 7% in the past three months against the Zacks Building Products - Mobile Homes and RV Builders industry’s 1.9% fall.
Zacks Rank
Patrick currently carries a Zacks Rank #3 (Hold).
3 Better-Ranked Construction Stocks Hogging in the Limelight
Gates Industrial Corporation plc (GTES - Free Report) manufactures engineered power transmission and fluid power solutions.
GTES currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
GTES’ expected earnings growth rate for 2023 is 10.5%. The consensus mark for GTES’ 2023 earnings has moved north to $1.26 per share from $1.21 in the past 30 days.
Howmet Aerospace, Inc. (HWM - Free Report) is a global manufacturer of engineered products serving the aerospace, defense and commercial transportation industries. The company is expected to benefit from higher aircraft production rates and the ease of supply chains in the transportation market.
Howmet Aerospace currently carries a Zacks Rank #2 (Buy). HWM’s earnings for 2023 are expected to grow by 27.1%. The consensus mark for HWM’s 2023 earnings has moved north to $1.78 per share from $1.77 in the past seven days.
Willdan Group, Inc. (WLDN - Free Report) is a nationwide provider of professional, technical and consulting services to utilities, government agencies and private industry.
WLDN presently carries a Zacks Rank #2. Its expected earnings growth rate for 2023 is 50%.