UFP Industries (NASDAQ:UFPI) Stock Rated Market Perform in New Coverage at Oppenheimer

Key Points

• Oppenheimer initiated coverage of UFP Industries with a “market perform” rating. The broader analyst consensus is “Hold,” with three Buy ratings and four Hold ratings, and a consensus price target of $104.50.
• UFP Industries shares opened at $78.77, near their 12-month low of $77.89 and down 0.8%, while the company has a $4.34 billion market capitalization.
• The company exceeded quarterly expectations, reporting $1.48 in EPS versus the $1.37 estimate and revenue of $1.88 billion versus the $1.79 billion consensus forecast. Institutional investors own approximately 81.81% of the stock.

Analysts at Oppenheimer began coverage on shares of UFP Industries (NASDAQ:UFPI - Get Free Report) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage set a "market perform" rating on the construction company's stock.

Other equities research analysts have also issued research reports about the company. Weiss Ratings raised UFP Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, August 6th. Zacks Research raised shares of UFP Industries from a "strong sell" rating to a "hold" rating in a research report on Friday, July 31st. Finally, Stifel Nicolaus set a $90.00 price objective on shares of UFP Industries and gave the stock a "hold" rating in a report on Monday, August 24th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $104.50.

UFP Industries Trading Down 0.8%

NASDAQ:UFPI opened at $78.77 on Wednesday. UFP Industries has a 12 month low of $77.89 and a 12 month high of $118.00. The company has a current ratio of 3.98, a quick ratio of 2.64 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $4.34 billion, a P/E ratio of 18.07 and a beta of 1.22. The firm has a fifty day simple moving average of $85.84 and a 200-day simple moving average of $86.86.

UFP Industries (NASDAQ:UFPI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The construction company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.37 by $0.11. The firm had revenue of $1.88 billion during the quarter, compared to analysts' expectations of $1.79 billion. UFP Industries had a return on equity of 8.00% and a net margin of 3.99%. On average, equities research analysts anticipate that UFP Industries will post 4.51 earnings per share for the current year.

Hedge Funds Weigh In On UFP Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Root Financial Partners LLC boosted its position in UFP Industries by 86.0% in the first quarter. Root Financial Partners LLC now owns 320 shares of the construction company's stock worth $29,000 after purchasing an additional 148 shares during the last quarter. World Investment Advisors increased its stake in UFP Industries by 5.8% in the first quarter. World Investment Advisors now owns 3,171 shares of the construction company's stock valued at $292,000 after acquiring an additional 175 shares during the last quarter. IFP Advisors Inc grew its stake in shares of UFP Industries by 84.8% during the fourth quarter. IFP Advisors Inc now owns 414 shares of the construction company's stock valued at $38,000 after buying an additional 190 shares during the last quarter. Cetera Investment Advisers increased its holdings in UFP Industries by 3.6% during the 1st quarter. Cetera Investment Advisers now owns 5,593 shares of the construction company's stock valued at $515,000 after purchasing an additional 194 shares during the period. Finally, State of Michigan Retirement System lifted its holdings in UFP Industries by 1.4% in the first quarter. State of Michigan Retirement System now owns 14,000 shares of the construction company's stock worth $1,290,000 after buying an additional 200 shares during the period. Institutional investors own 81.81% of the company's stock.

About UFP Industries

UFP Industries, Inc is a manufacturer and distributor of wood, composite and other products serving the construction, industrial and retail sectors. The company operates through businesses focused on supplying materials and finished products for residential and commercial construction, outdoor living, manufactured housing, packaging and industrial applications.

Its product offerings include pressure-treated lumber, engineered wood components, decking, fencing, lawn and garden products, trusses, wood pallets, crates and other custom packaging solutions.

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