Benchmark Cuts UFP Industries (NASDAQ:UFPI) Price Target to $115.00

Key Points

• Benchmark cut its price target to $115 (from $125) but kept a "buy" rating, a target that implies roughly a 30.4% upside from the stock's current level.
• Analyst coverage is mixed: the consensus rating is "Hold" with an average target of $108.60 after several firms trimmed targets and one firm (Zacks) downgraded UFPI to a "strong sell".
• UFP recently missed quarterly expectations—EPS $0.89 vs. $1.15 expected and revenue down 8.4% year-over-year at $1.46 billion—and the shares trade around $88, below both the 50‑ and 200‑day moving averages.

UFP Industries (NASDAQ:UFPI - Get Free Report) had its price objective decreased by equities research analysts at Benchmark from $125.00 to $115.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. Benchmark's target price would indicate a potential upside of 30.41% from the stock's current price.

Several other equities research analysts also recently commented on the stock. DA Davidson dropped their price objective on shares of UFP Industries from $112.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, March 10th. Weiss Ratings reiterated a "hold (c-)" rating on shares of UFP Industries in a research note on Tuesday, January 27th. BMO Capital Markets reissued a "market perform" rating and issued a $108.00 price target (down from $112.00) on shares of UFP Industries in a research report on Monday, April 20th. Finally, Zacks Research downgraded shares of UFP Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, March 17th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $108.60.

UFP Industries Trading Down 1.5%

NASDAQ UFPI opened at $88.19 on Friday. The stock's 50-day moving average is $94.61 and its 200-day moving average is $96.26. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.59 and a quick ratio of 3.13. UFP Industries has a one year low of $84.82 and a one year high of $118.00. The firm has a market cap of $5.01 billion, a P/E ratio of 19.25 and a beta of 1.44.

UFP Industries (NASDAQ:UFPI - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The construction company reported $0.89 EPS for the quarter, missing analysts' consensus estimates of $1.15 by ($0.26). UFP Industries had a return on equity of 8.46% and a net margin of 4.31%.The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the firm posted $1.30 EPS. The company's revenue for the quarter was down 8.4% compared to the same quarter last year. Sell-side analysts anticipate that UFP Industries will post 5.19 earnings per share for the current fiscal year.

Institutional Trading of UFP Industries

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada grew its position in UFP Industries by 3.0% during the first quarter. Royal Bank of Canada now owns 61,641 shares of the construction company's stock valued at $6,597,000 after acquiring an additional 1,798 shares during the last quarter. Integrated Wealth Concepts LLC boosted its stake in shares of UFP Industries by 8.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,959 shares of the construction company's stock valued at $317,000 after purchasing an additional 221 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of UFP Industries by 10.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 129,209 shares of the construction company's stock valued at $13,831,000 after purchasing an additional 12,043 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of UFP Industries by 90.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 544 shares of the construction company's stock valued at $54,000 after purchasing an additional 259 shares during the last quarter. Finally, Walleye Capital LLC purchased a new position in UFP Industries in the 2nd quarter worth $232,000. Institutional investors own 81.81% of the company's stock.

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.

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