STOCK TITAN

Patrick Industries, Inc. Announces Three-for-Two Common Stock Split

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)

Patrick Industries (NASDAQ: PATK) announced a three-for-two stock split through a stock dividend, providing one additional share for every two shares held. The split is effective for shareholders of record as of November 29, 2024, payable on December 13, 2024, with post-split trading beginning December 16, 2024. This will increase outstanding shares from 22.4 million to 33.6 million. The company also confirmed its previously announced increased quarterly cash dividend of $0.60 per share on a pre-split basis, payable December 9, 2024. Management views these actions as reflecting confidence in the company's long-term growth prospects and aims to enhance share liquidity.

Patrick Industries (NASDAQ: PATK) ha annunciato un frazionamento azionario tre per due tramite un dividendo azionario, offrendo un'azione aggiuntiva per ogni due azioni detenute. Il frazionamento sarà efficace per gli azionisti registrati al 29 novembre 2024, con pagamento previsto per il 13 dicembre 2024, e il trading dopo il frazionamento inizierà il 16 dicembre 2024. Questo aumenterà le azioni in circolazione da 22,4 milioni a 33,6 milioni. L'azienda ha anche confermato l'aumento del dividendo trimestrale in contante precedentemente annunciato di $0,60 per azione su base pre-frazionamento, con pagamento previsto il 9 dicembre 2024. La direzione considera queste azioni come un riflesso della fiducia nelle prospettive di crescita a lungo termine dell'azienda e mira a migliorare la liquidità delle azioni.

Patrick Industries (NASDAQ: PATK) anunció una división de acciones de tres por dos a través de un dividendo en acciones, proporcionando una acción adicional por cada dos acciones en posesión. La división será efectiva para los accionistas registrados a partir del 29 de noviembre de 2024, con pago el 13 de diciembre de 2024, y el comercio después de la división comenzará el 16 de diciembre de 2024. Esto aumentará las acciones en circulación de 22,4 millones a 33,6 millones. La compañía también confirmó su dividendo trimestral en efectivo previamente anunciado de $0.60 por acción en base a la situación previa a la división, pagadero el 9 de diciembre de 2024. La administración considera estas acciones como un reflejo de la confianza en las perspectivas de crecimiento a largo plazo de la empresa y tiene como objetivo mejorar la liquidez de las acciones.

패트릭 인더스트리 (NASDAQ: PATK)는 주식 배당을 통한 3대 2의 주식 분할을 발표하며, 보유한 2주당 1주의 추가 주식을 제공한다고 밝혔습니다. 이 분할은 2024년 11월 29일 기준 주주에게 적용되며, 2024년 12월 13일에 지급되고, 분할 후 거래는 2024년 12월 16일에 시작됩니다. 이로 인해 총 발행 주식 수는 2240만 주에서 3360만 주로 증가할 것입니다. 회사는 또한 주식 분할 이전 기준으로 액면가 $0.60의 분기 현금 배당금을 발표했으며, 이는 2024년 12월 9일에 지급될 예정입니다. 경영진은 이러한 조치를 회사의 장기 성장 전망에 대한 신뢰를 반영하는 것으로 보고 있으며, 주식 유동성 향상을 목표로 하고 있습니다.

Patrick Industries (NASDAQ: PATK) a annoncé un fractionnement d'actions de trois pour deux par le biais d'un dividende en actions, offrant une action supplémentaire pour chaque deux actions détenues. Le fractionnement sera effectif pour les actionnaires enregistrés au 29 novembre 2024, avec un paiement prévu le 13 décembre 2024, les échanges post-fractionnement commençant le 16 décembre 2024. Cela augmentera le nombre d'actions en circulation de 22,4 millions à 33,6 millions. L'entreprise a également confirmé son dividende en espèces trimestriel augmenté précédemment annoncé de 0,60 $ par action sur une base avant le fractionnement, payable le 9 décembre 2024. La direction considère ces actions comme un reflet de la confiance dans les perspectives de croissance à long terme de l'entreprise et vise à améliorer la liquidité des actions.

Patrick Industries (NASDAQ: PATK) hat einen Aktiensplit im Verhältnis drei zu zwei durch eine Aktien-Dividende angekündigt, die jedem Aktionär eine zusätzliche Aktie für je zwei gehaltene Aktien gewährt. Der Split ist für Aktionäre, die am 29. November 2024 im Aktienregister eingetragen sind, wirksam, die Auszahlung erfolgt am 13. Dezember 2024, der Handel nach dem Split beginnt am 16. Dezember 2024. Dies wird die ausstehenden Aktien von 22,4 Millionen auf 33,6 Millionen erhöhen. Das Unternehmen bestätigte auch die zuvor angekündigte Erhöhung der vierteljährlichen Bardividende auf 0,60 USD pro Aktie vor dem Split, zahlbar am 9. Dezember 2024. Das Management betrachtet diese Maßnahmen als Ausdruck des Vertrauens in die langfristigen Wachstumsprognosen des Unternehmens und zielt darauf ab, die Liquidität der Aktien zu erhöhen.

Positive
  • Stock split indicates management confidence in company growth
  • Increased quarterly cash dividend to $0.60 per share
  • Enhanced stock liquidity through split implementation
  • Expanded share repurchase authorization
Negative
  • None.

Insights

This stock split signals management's confidence in Patrick Industries' growth trajectory and aims to improve stock liquidity. The 3:2 split will reduce the share price by 33%, potentially making it more accessible to retail investors. Combined with the increased $0.60 quarterly dividend and expanded share repurchase program, this represents a comprehensive shareholder-friendly initiative. The timing aligns with PATK's strong performance in the RV and marine sectors, despite broader market challenges. The increased float from 22.4 million to 33.6 million shares should enhance trading volumes and market efficiency. While stock splits don't directly create value, they often correlate with positive market sentiment and improved retail participation.

ELKHART, Ind., Nov. 19, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") announced today that on November 18, 2024, the Company's Board of Directors approved a three-for-two stock split of the Company's common stock, to be effected in the form of a stock dividend, payable as one additional share of common stock for every two shares of common stock held. Shareholders will receive cash in lieu of any fractional share of common stock that they otherwise would have been entitled to receive in connection with the split.

The stock dividend is effective for shareholders of record as of the close of business on November 29, 2024 and will be payable on December 13, 2024. The Company's stock will begin trading on a post-split basis on December 16, 2024. The split will increase the number of outstanding shares of the Company's common stock from approximately 22.4 million to 33.6 million.

As previously reported, the Company announced an increase in its quarterly cash dividend on a pre-split basis to $0.60 per share payable on December 9, 2024 to shareholders of record at the close of business on November 25, 2024.

"In tandem with our recently announced increase in our quarterly cash dividend and upsize in our share repurchase authorization, the stock split is a reflection of Management's and our Board of Directors' confidence in the long-term growth prospects of the Company and is in alignment with driving strong liquidity for our shares in the marketplace," said Andy Nemeth, Chief Executive Officer. "We remain focused on maximizing shareholder value through the successful execution of our strategic growth initiatives across our end markets."

About Patrick Industries, Inc.

Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 skilled team members throughout the United States. For more information on Patrick, our brands, and products, please visit www.patrickind.com.

Forward-Looking Statements

This press release contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any projections of financial performance or statements concerning expectations as to future developments should not be construed in any manner as a guarantee that such results or developments will, in fact, occur. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Information about certain risks that could affect our business and cause actual results to differ from those expressed or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/patrick-industries-inc-announces-three-for-two-common-stock-split-302310572.html

SOURCE Patrick Industries, Inc.

FAQ

When will Patrick Industries (PATK) stock split take effect?

The three-for-two stock split will be payable on December 13, 2024, with post-split trading beginning on December 16, 2024.

What is the record date for Patrick Industries (PATK) stock split?

The record date for the three-for-two stock split is November 29, 2024.

How many shares will Patrick Industries (PATK) have outstanding after the stock split?

After the three-for-two stock split, PATK's outstanding shares will increase from approximately 22.4 million to 33.6 million shares.

What is Patrick Industries (PATK) new quarterly dividend amount?

Patrick Industries announced a quarterly cash dividend of $0.60 per share on a pre-split basis, payable on December 9, 2024.

Patrick Industries Inc

NASDAQ:PATK

PATK Rankings

PATK Latest News

PATK Stock Data

2.81B
32.09M
4.44%
105.05%
7.46%
Furnishings, Fixtures & Appliances
Motor Vehicle Parts & Accessories
Link
United States of America
ELKHART