Zacks Investment Research cut shares of UFP Technologies (NASDAQ:UFPT) from a hold rating to a sell rating in a research note released on Saturday 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. “

UFP Technologies (NASDAQ:UFPT) opened at $28.50 on Friday. The stock has a market cap of $211.85, a price-to-earnings ratio of 26.15 and a beta of 0.13. UFP Technologies has a fifty-two week low of $22.95 and a fifty-two week high of $31.50.

Several hedge funds and other institutional investors have recently bought and sold shares of UFPT. Macquarie Group Ltd. purchased a new position in shares of UFP Technologies in the third quarter worth $128,000. New York State Common Retirement Fund raised its holdings in shares of 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 during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of 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 during the last quarter. CAPROCK Group Inc. acquired a new stake in shares of UFP Technologies in the third quarter worth $243,000. Finally, Wells Fargo & Company MN increased its stake in shares of UFP Technologies by 44.7% in the third quarter. Wells Fargo & Company MN now owns 8,957 shares of the industrial products company’s stock worth $252,000 after acquiring an additional 2,766 shares during the period. 69.21% of the stock is owned by institutional investors and hedge funds.

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About UFP Technologies

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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