UFP Industries (NASDAQ:UFPI) Announces Earnings Results, Beats Expectations By $0.10 EPS

by · The Markets Daily

UFP Industries (NASDAQ:UFPIGet Free Report) issued its quarterly earnings data on Wednesday. The construction company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.10, FiscalAI reports. The firm 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 Trading Down 3.6%

Shares of UFPI traded down $3.30 during trading hours on Wednesday, hitting $87.71. 723,453 shares of the stock traded hands, compared to its average volume of 439,308. The business has a fifty day moving average of $84.97 and a 200-day moving average of $93.21. The firm has a market capitalization of $4.95 billion, a PE ratio of 19.15 and a beta of 1.22. UFP Industries has a 1-year low of $77.89 and a 1-year high of $118.00. The company has a current ratio of 4.64, a quick ratio of 3.07 and a debt-to-equity ratio of 0.07.

UFP Industries Announces Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. boosted its stake in shares of UFP Industries by 54.8% in 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 during the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of UFP Industries by 117.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 413 shares of the construction company’s stock worth $38,000 after buying an additional 223 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings 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 lifted its holdings in UFP Industries by 90.9% in the second quarter. EverSource Wealth Advisors LLC now owns 544 shares of the construction company’s stock valued at $54,000 after buying an additional 259 shares during the period. Finally, UMB Bank n.a. boosted its stake in UFP Industries by 244.0% in the fourth quarter. UMB Bank n.a. now owns 664 shares of the construction company’s stock valued at $60,000 after acquiring an additional 471 shares during the last quarter. 81.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

UFPI has been the subject of a number of research reports. 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 note on Tuesday, May 5th. DA Davidson reduced their price target on shares of UFP Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Stifel Nicolaus decreased their price objective on shares of UFP Industries from $100.00 to $87.00 and set a “hold” rating on the stock in a report on Monday, May 11th. Weiss Ratings lowered shares of UFP Industries from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 2nd. Finally, Benchmark lowered 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 report on Friday, May 1st. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $103.75.

View Our Latest Research Report on UFPI

About UFP Industries

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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.

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