UFP Industries (NASDAQ:UFPI) Issues Quarterly Earnings Results

UFP Industries (NASDAQ:UFPI) announced its quarterly earnings data on Wednesday. The construction company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.11, Zacks reports. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.79 billion. UFP Industries had a return on equity of 8.50% and a net margin of 4.31%.

UFP Industries Price Performance

UFPI stock opened at $87.71 on Thursday. The company has a quick ratio of 3.07, a current ratio of 4.64 and a debt-to-equity ratio of 0.07. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of 19.15 and a beta of 1.22. The company’s fifty day simple moving average is $85.12 and its 200 day simple moving average is $93.14. UFP Industries has a 12-month low of $77.89 and a 12-month high of $118.00.

UFP Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.36 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.44 annualized dividend and a yield of 1.6%. UFP Industries’s payout ratio is presently 31.44%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. boosted its position in shares of UFP Industries by 54.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 322 shares of the construction company’s stock valued at $32,000 after purchasing an additional 114 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in UFP Industries by 117.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 413 shares of the construction company’s stock valued at $38,000 after buying an additional 223 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in UFP Industries by 648.3% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 434 shares of the construction company’s stock valued at $41,000 after buying an additional 376 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of UFP Industries by 90.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 544 shares of the construction company’s stock worth $54,000 after buying an additional 259 shares in the last quarter. Finally, UMB Bank n.a. boosted its holdings in shares of UFP Industries by 244.0% during the 4th quarter. UMB Bank n.a. now owns 664 shares of the construction company’s stock worth $60,000 after buying an additional 471 shares in the last quarter. 81.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

UFPI has been the subject of several research reports. Benchmark dropped their price objective on shares of UFP Industries from $125.00 to $115.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Weiss Ratings cut UFP Industries from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 2nd. DA Davidson reduced their price objective on UFP Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. BMO Capital Markets upgraded UFP Industries from a “market perform” rating to an “outperform” rating and set a $108.00 target price for the company in a research report on Tuesday, May 5th. Finally, Stifel Nicolaus lowered their price objective on UFP Industries from $100.00 to $87.00 and set a “hold” rating for the company in a research note on Monday, May 11th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $103.75.

About UFP Industries

UFP Industries, Inc, founded in 1955 and headquartered in Grand Rapids, Michigan, designs, manufactures, and distributes a broad range of wood and wood-alternative products. The company operates through two primary segments: UFP Retail Solutions, which supplies building materials and components to home improvement retailers and lumber dealers, and UFP Distribution Solutions, which offers packaging, pallets, skids, and other industrial products for a variety of end markets. Its product portfolio includes treated and untreated lumber, engineered wood, decking, railing, fencing, vinyl sheets and profiles, and custom-designed packaging solutions.

With manufacturing facilities and distribution centers across the United States, Canada, Mexico and Europe, UFP Industries serves professional contractors, industrial customers, and do-it-yourself consumers.