Zacks Investment Research downgraded shares of UFP Technologies, Inc. (NASDAQ:UFPT) from a buy rating to a hold rating in a report published on Wednesday morning.

According to Zacks, “UFP TECH., INC. designs and manufactures a range of high-performance cushion packaging and specialty foam and plastic prods. for the industrial and consumer markets. UFP also designs precision moulded fibre packaging prods. made from recycled paper. “

Shares of UFP Technologies (NASDAQ UFPT) opened at 26.60 on Wednesday. The firm has a market cap of $193.30 million, a PE ratio of 21.63 and a beta of 0.20. The company has a 50 day moving average price of $27.76 and a 200-day moving average price of $26.66. UFP Technologies has a 12-month low of $22.79 and a 12-month high of $29.00.

UFP Technologies (NASDAQ:UFPT) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.36 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.36. The company had revenue of $37.89 million for the quarter, compared to analysts’ expectations of $40 million. UFP Technologies had a return on equity of 6.86% and a net margin of 6.03%. Analysts expect that UFP Technologies will post $1.41 EPS for the current year.

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Several hedge funds and other institutional investors have recently bought and sold shares of UFPT. American International Group Inc. raised its position in UFP Technologies by 6.9% in the first quarter. American International Group Inc. now owns 3,939 shares of the industrial products company’s stock worth $102,000 after buying an additional 255 shares in the last quarter. Acadian Asset Management LLC bought a new position in UFP Technologies during the second quarter worth approximately $112,000. New York State Common Retirement Fund raised its position in UFP Technologies by 559.1% in the second quarter. New York State Common Retirement Fund now owns 6,598 shares of the industrial products company’s stock worth $187,000 after buying an additional 5,597 shares in the last quarter. First Quadrant L P CA bought a new position in UFP Technologies during the second quarter worth approximately $187,000. Finally, The Manufacturers Life Insurance Company raised its position in UFP Technologies by 21.5% in the second quarter. The Manufacturers Life Insurance Company now owns 6,998 shares of the industrial products company’s stock worth $198,000 after buying an additional 1,237 shares in the last quarter. Institutional investors and hedge funds own 68.21% of the company’s stock.

UFP Technologies Company Profile

UFP Technologies, Inc is a designer and custom converter of foams, plastics, composites and natural fiber materials. The Company is engaged in providing solutions to customers primarily within the medical, automotive, consumer, electronics, industrial, and aerospace and defense markets. It converts these materials using laminating, molding, and fabricating manufacturing technologies.

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