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

UFP Industries (NASDAQ:UFPI) issued its quarterly earnings data on Wednesday. The construction company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.10, FiscalAI reports. The company had revenue of $1.88 billion for 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

NASDAQ:UFPI traded down $3.30 during mid-day trading on Wednesday, reaching $87.71. The stock had a trading volume of 723,453 shares, compared to its average volume of 439,308. The stock has a market capitalization of $4.95 billion, a P/E ratio of 19.15 and a beta of 1.22. The firm has a 50 day moving average price of $84.97 and a two-hundred day moving average price of $93.21. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.07 and a current ratio of 4.64. UFP Industries has a one year low of $77.89 and a one year 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 given a $0.36 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.44 dividend on an annualized basis and a yield of 1.6%. UFP Industries’s payout ratio is presently 31.44%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in UFPI. Geneos Wealth Management Inc. lifted its holdings 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 worth $32,000 after acquiring an additional 114 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of UFP Industries by 117.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 413 shares of the construction company’s stock valued at $38,000 after purchasing an additional 223 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of UFP Industries by 648.3% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 434 shares of the construction company’s stock valued at $41,000 after purchasing an additional 376 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in UFP Industries by 90.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 544 shares of the construction company’s stock worth $54,000 after purchasing an additional 259 shares during the period. Finally, UMB Bank n.a. lifted 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 worth $60,000 after purchasing an additional 471 shares during the last quarter. 81.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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