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Patrick Industries, Inc. (NASDAQ:PATK) is included among the 15 Dividend Growth Stocks with the Highest Growth Rates.
Patrick Industries, Inc. (NASDAQ:PATK) produces and supplies components for several industries, including recreational vehicles (RVs), marine, powersports, and manufactured housing. Its key customers are original equipment manufacturers that build motorboats, boats, and prefabricated homes.
On October 15, Truist analyst Michael Swartz raised the price target for Patrick Industries, Inc. (NASDAQ:PATK) from $105 to $114 while maintaining a Buy rating on the stock. The update came as part of a broader research note in which the firm revised its model estimates and provided a preview of third-quarter earnings for the Recreational Vehicles sector.
In addition to its advancements in its industry, Patrick Industries, Inc. (NASDAQ:PATK) is also popular among income investors because of its strong dividend history. In FY24, the company returned $55 million to shareholders through dividends and share repurchases. It initiated paying dividends in 2019 and has raised its quarterly payouts from $0.25 per share to $0.40 per share during this period. The stock has a dividend yield of 1.59%, as of October 30.
While we acknowledge the potential of PATK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 13 Most Undervalued Dividend Stocks to Buy According to Wall Street Analysts and 11 Best FTSE Dividend Stocks to Buy Right Now.
Disclosure: None.
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