DA Davidson Comments on UFP Industries, Inc.’s Q2 2024 Earnings (NASDAQ:UFPI)

UFP Industries, Inc. (NASDAQ:UFPI) – Stock analysts at DA Davidson issued their Q2 2024 EPS estimates for shares of UFP Industries in a report issued on Wednesday, May 1st. DA Davidson analyst K. Yinger forecasts that the construction company will earn $2.09 per share for the quarter. The consensus estimate for UFP Industries’ current full-year earnings is $7.40 per share. DA Davidson also issued estimates for UFP Industries’ FY2025 earnings at $8.44 EPS.

UFP Industries (NASDAQ:UFPI) last issued its quarterly earnings results on Tuesday, April 30th. The construction company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.34. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.71 billion. UFP Industries had a return on equity of 17.07% and a net margin of 7.24%. UFP Industries’s revenue for the quarter was down 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.98 earnings per share.

Other research analysts have also issued research reports about the stock. Stifel Nicolaus upped their price objective on shares of UFP Industries from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Benchmark dropped their price target on shares of UFP Industries from $137.00 to $133.00 and set a “buy” rating on the stock in a research note on Wednesday. StockNews.com cut UFP Industries from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 4th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $102.00 target price on shares of UFP Industries in a research report on Thursday, February 22nd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $113.20.

UFP Industries Price Performance

Shares of UFPI opened at $113.00 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.79 and a quick ratio of 3.12. The company has a market capitalization of $6.95 billion, a price-to-earnings ratio of 14.05 and a beta of 1.47. The business’s 50-day moving average is $115.66 and its 200-day moving average is $113.67. UFP Industries has a fifty-two week low of $76.89 and a fifty-two week high of $128.65.

UFP Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a $0.33 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.17%. UFP Industries’s dividend payout ratio is currently 16.42%.

Insider Transactions at UFP Industries

In related news, CEO Matthew J. Missad sold 5,018 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $114.05, for a total value of $572,302.90. Following the transaction, the chief executive officer now directly owns 363,328 shares of the company’s stock, valued at approximately $41,437,558.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.58% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Wealth LLC bought a new stake in UFP Industries during the fourth quarter valued at about $3,046,000. American Century Companies Inc. grew its holdings in UFP Industries by 42.2% in the 3rd quarter. American Century Companies Inc. now owns 252,270 shares of the construction company’s stock valued at $25,832,000 after buying an additional 74,852 shares during the last quarter. Van ECK Associates Corp increased its position in UFP Industries by 42.8% in the 3rd quarter. Van ECK Associates Corp now owns 14,167 shares of the construction company’s stock worth $1,451,000 after buying an additional 4,246 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in shares of UFP Industries by 257.0% during the third quarter. O Shaughnessy Asset Management LLC now owns 17,438 shares of the construction company’s stock worth $1,786,000 after buying an additional 12,553 shares during the last quarter. Finally, Raymond James & Associates boosted its position in shares of UFP Industries by 133.2% in the fourth quarter. Raymond James & Associates now owns 188,154 shares of the construction company’s stock valued at $23,623,000 after acquiring an additional 107,477 shares during the period. 81.81% of the stock is currently owned by institutional investors and hedge funds.

About UFP Industries

UFP Industries, Inc, through its subsidiaries, designs, manufactures, and markets wood and non-wood composites, and other materials in North America, Europe, Asia, and Australia. It operates through Retail, Packaging, and Construction segments. The Retail segment offers treated lumber products, including decking, fencing, lattice, and other products; pressure-treated and fire-retardant products used primarily for outdoor decking environments; and lawn and garden products, consisting of wood and vinyl fencing options, garden beds and planters, pergolas, picnic tables, and other landscaping products.