UFP Industries (NASDAQ:UFPI) Downgraded by Zacks Research to Strong Sell

Key Points

• Zacks Research downgraded UFP Industries from “hold” to “strong sell.” Other recent analyst views were mixed, and MarketBeat reported an average “hold” rating with a $103.25 price target.
• UFP reported quarterly earnings of $1.05 per share, below the $1.20 analyst consensus, while revenue of $1.73 billion exceeded expectations of $1.60 billion.
• Shares were reported up 6.3%; they opened at $86.31, within a 52-week range of $73.72 to $118.00.

UFP Industries (NASDAQ:UFPI - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Tuesday, Zacks reports.

Other equities analysts have also issued reports about the stock. Weiss Ratings lowered shares of UFP Industries from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, October 12th. Stifel Nicolaus set a $85.00 target price on shares of UFP Industries and gave the stock a "hold" rating in a research report on Monday, October 26th. Oppenheimer initiated coverage on shares of UFP Industries in a research note on Wednesday, September 30th. They set a "market perform" rating on the stock. Finally, DA Davidson restated a "buy" rating and set a $105.00 price target on shares of UFP Industries in a research note on Tuesday, October 27th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, UFP Industries presently has an average rating of "Hold" and an average target price of $103.25.

UFP Industries Stock Up 6.3%

Shares of UFPI stock opened at $86.31 on Tuesday. UFP Industries has a 1-year low of $73.72 and a 1-year high of $118.00. The stock's fifty day moving average price is $80.43 and its 200 day moving average price is $89.36. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.86 and a quick ratio of 2.58. The company has a market cap of $4.76 billion, a price-to-earnings ratio of 20.95 and a beta of 1.14.

UFP Industries (NASDAQ:UFPI - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The construction company reported $1.05 EPS for the quarter, missing analysts' consensus estimates of $1.20 by ($0.15). The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.60 billion. UFP Industries had a net margin of 3.61% and a return on equity of 7.53%. On average, research analysts expect that UFP Industries will post 4.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Keybank National Association OH purchased a new stake in UFP Industries in the third quarter valued at $313,000. Fulcrum Asset Management LLP acquired a new stake in UFP Industries during the 3rd quarter worth about $81,000. Heritage Family Offices LLP purchased a new position in shares of UFP Industries during the 3rd quarter valued at about $79,000. Covestor Ltd raised its stake in shares of UFP Industries by 32.2% during the 3rd quarter. Covestor Ltd now owns 1,059 shares of the construction company's stock valued at $82,000 after buying an additional 258 shares during the last quarter. Finally, Markel Group Inc. raised its stake in shares of UFP Industries by 250.0% during the 3rd quarter. Markel Group Inc. now owns 14,000 shares of the construction company's stock valued at $1,081,000 after buying an additional 10,000 shares during the last quarter. 81.81% of the stock is currently owned by hedge funds and other institutional investors.

About UFP Industries

UFP Industries, Inc is a diversified manufacturer and distributor of wood, composite and other products serving the retail, construction and industrial markets. The company supplies materials and components used in outdoor living, residential and commercial construction, manufactured housing, packaging and a range of industrial applications.

Its products include treated lumber, decking, fencing, landscaping products, roof trusses, wall panels, wood components, pallets, crates, specialty packaging and other custom-engineered products.

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