Universal Forest Products Inc. (UFPI) Downgraded by Zacks Investment Research
Universal Forest Products Inc. (NASDAQ:UFPI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Universal Forest's long-term prospects appear bright, given the solid organic and inorganic expansion efforts. The company believes that acquisition of Idaho Western and certain assets of Robbins Manufacturing Co. will boost its revenue by $100 million annually. Also, the recently completed acquisition of idX Corp will add new product portfolio and customer base to the company's existing businesses. In addition, the company has certain long-term targets, including sales growth of roughly 4-6% above positive GDP growth. New product sales are anticipated to constitute at least 10% of total sales. Despite these positives, the company is exposed to near-term headwinds including adverse foreign currency movements, geopolitical issues, higher costs & expenses and stiff competition.”
Separately, DA Davidson upgraded Universal Forest Products from an “underperform” rating to a “neutral” rating in a research note on Friday, July 22nd.
Shares of Universal Forest Products (NASDAQ:UFPI) traded down 0.11% during mid-day trading on Wednesday, reaching $100.32. The company had a trading volume of 57,862 shares. The firm has a 50 day moving average of $105.97 and a 200-day moving average of $92.12. Universal Forest Products has a one year low of $57.11 and a one year high of $110.97. The stock has a market capitalization of $2.04 billion, a P/E ratio of 20.99 and a beta of 1.66.
Universal Forest Products (NASDAQ:UFPI) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $1.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.48 by $0.16. Universal Forest Products had a return on equity of 12.38% and a net margin of 3.27%. The firm earned $872.10 million during the quarter, compared to analysts’ expectations of $903.33 million. During the same quarter in the previous year, the business earned $1.28 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. Analysts forecast that Universal Forest Products will post $4.84 EPS for the current fiscal year.
In related news, CEO Matthew J. Missad sold 400 shares of Universal Forest Products stock in a transaction on Friday, September 9th. The stock was sold at an average price of $102.75, for a total value of $41,100.00. Following the completion of the sale, the chief executive officer now owns 55,559 shares of the company’s stock, valued at $5,708,687.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert D. Coleman sold 7,500 shares of Universal Forest Products stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $108.53, for a total value of $813,975.00. Following the completion of the sale, the executive vice president now directly owns 1,680 shares of the company’s stock, valued at approximately $182,330.40. The disclosure for this sale can be found here. 3.50% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Universal Forest Products during the second quarter valued at approximately $130,000. BlackRock Japan Co. Ltd raised its stake in shares of Universal Forest Products by 59.5% in the second quarter. BlackRock Japan Co. Ltd now owns 1,509 shares of the company’s stock valued at $140,000 after buying an additional 563 shares during the last quarter. BlackRock Inc. raised its stake in shares of Universal Forest Products by 38.7% in the first quarter. BlackRock Inc. now owns 1,977 shares of the company’s stock valued at $170,000 after buying an additional 552 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Universal Forest Products during the second quarter valued at approximately $205,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Universal Forest Products during the second quarter valued at approximately $215,000. 82.43% of the stock is owned by institutional investors.
About Universal Forest Products
Universal Forest Products, Inc is a holding company. The Company, through its subsidiaries, supplies wood, wood composite and other products to three primary markets: retail, construction and industrial. Its industrial market serves as industrial manufacturers and other customers for packaging, material handling and other applications.
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