Patrick Industries announced that on Nov. 18, 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 Nov. 29 and will be payable on Dec. 13. The company’s stock will begin trading on a post-split basis on Dec. 16. 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 Dec. 9 to shareholders of record at the close of business on Nov. 25.
“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.”
