UFP Technologies (NASDAQ:UFPT) Shares Gap Up After Strong Earnings

UFP Technologies, Inc. (NASDAQ:UFPT) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $280.32, but opened at $306.54. UFP Technologies shares last traded at $318.2690, with a volume of 80,618 shares changing hands.

The industrial products company reported $2.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.39. UFP Technologies had a return on equity of 18.42% and a net margin of 11.45%. The firm had revenue of $172.43 million for the quarter, compared to analysts’ expectations of $166.89 million.

Wall Street Analysts Forecast Growth

UFPT has been the subject of a number of recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of UFP Technologies in a report on Tuesday. Wall Street Zen raised shares of UFP Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Two equities research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company presently has an average rating of “Hold”.

Insider Activity

In other news, Director Symeria Hudson sold 298 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $319.11, for a total transaction of $95,094.78. Following the transaction, the director owned 927 shares of the company’s stock, valued at approximately $295,814.97. This represents a 24.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Marc Kozin sold 7,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $304.50, for a total value of $2,131,500.00. Following the completion of the sale, the director owned 21,112 shares in the company, valued at approximately $6,428,604. The trade was a 24.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 25,919 shares of company stock valued at $8,173,084. Company insiders own 4.59% of the company’s stock.

Institutional Trading of UFP Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the business. Balefire LLC boosted its stake in shares of UFP Technologies by 6.6% during the first quarter. Balefire LLC now owns 1,093 shares of the industrial products company’s stock valued at $212,000 after purchasing an additional 68 shares during the period. ZWJ Investment Counsel Inc. increased its stake in UFP Technologies by 5.4% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 1,374 shares of the industrial products company’s stock worth $408,000 after buying an additional 70 shares during the period. Sanctuary Advisors LLC lifted its holdings in UFP Technologies by 3.3% during the 1st quarter. Sanctuary Advisors LLC now owns 2,287 shares of the industrial products company’s stock valued at $443,000 after buying an additional 72 shares in the last quarter. Carnegie Investment Counsel lifted its holdings in UFP Technologies by 4.8% during the 1st quarter. Carnegie Investment Counsel now owns 2,064 shares of the industrial products company’s stock valued at $400,000 after buying an additional 94 shares in the last quarter. Finally, Silvant Capital Management LLC purchased a new stake in UFP Technologies in the 2nd quarter valued at about $29,000. 87.28% of the stock is currently owned by institutional investors.

UFP Technologies Stock Performance

The company has a current ratio of 3.00, a quick ratio of 1.72 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $2.49 billion, a PE ratio of 34.59 and a beta of 1.09. The firm’s 50-day simple moving average is $290.73 and its 200-day simple moving average is $250.14.

About UFP Technologies

UFP Technologies, Inc (NASDAQ: UFPT) is a designer and manufacturer of engineered components, assemblies and packaging solutions, with a primary focus on the medical device and healthcare markets. The company works with original equipment manufacturers and other customers to develop products used in surgical, orthopedic, diagnostic, wound-care and other medical applications.

Its capabilities include converting and fabricating advanced materials such as foams, films, laminates, textiles and composites, as well as molding plastics and producing complex assembled products.