375,432 Shares in UFP Industries, Inc. $UFPI Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 375,432 shares of UFP Industries in the second quarter, worth approximately $34.1 million and representing about 0.66% of the company. Institutional investors collectively own 81.81% of UFPI.
• Analysts maintain a cautiously positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $104.50, despite several recent target reductions.
• UFP Industries exceeded quarterly expectations, reporting $1.48 in earnings per share and $1.88 billion in revenue. The company also declared a quarterly dividend of $0.36 per share, equal to a 1.7% annualized yield.

Bank of New York Mellon Corp purchased a new stake in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 375,432 shares of the construction company's stock, valued at approximately $34,067,000. Bank of New York Mellon Corp owned about 0.66% of UFP Industries as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in UFPI. Commonwealth Equity Services LLC raised its stake in UFP Industries by 3.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 3,197 shares of the construction company's stock worth $291,000 after acquiring an additional 92 shares during the last quarter. Arkadios Wealth Advisors increased its holdings in shares of UFP Industries by 2.1% in the fourth quarter. Arkadios Wealth Advisors now owns 4,648 shares of the construction company's stock valued at $423,000 after purchasing an additional 97 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of UFP Industries by 54.8% in the second quarter. Geneos Wealth Management Inc. now owns 322 shares of the construction company's stock worth $32,000 after purchasing an additional 114 shares during the last quarter. SkyView Investment Advisors LLC raised its stake in shares of UFP Industries by 1.3% in the fourth quarter. SkyView Investment Advisors LLC now owns 9,133 shares of the construction company's stock worth $832,000 after purchasing an additional 114 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of UFP Industries by 1.1% during the fourth quarter. ProShare Advisors LLC now owns 12,972 shares of the construction company's stock worth $1,181,000 after purchasing an additional 145 shares during the period. Institutional investors and hedge funds own 81.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on UFPI shares. Benchmark decreased their price objective on UFP Industries from $125.00 to $115.00 and set a "buy" rating for the company in a report on Friday, May 1st. DA Davidson reduced their price target on UFP Industries from $110.00 to $105.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Weiss Ratings raised UFP Industries from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, August 6th. Stifel Nicolaus set a $90.00 price objective on UFP Industries and gave the stock a "hold" rating in a research report on Monday. Finally, Zacks Research raised shares of UFP Industries from a "strong sell" rating to a "hold" rating in a research note on Friday, July 31st. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $104.50.

UFP Industries Price Performance

UFP Industries stock opened at $86.01 on Friday. 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 50-day moving average price of $88.28 and a 200 day moving average price of $90.67. UFP Industries, Inc. has a 12-month low of $77.89 and a 12-month high of $118.00. The stock has a market cap of $4.74 billion, a P/E ratio of 19.73 and a beta of 1.23.

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

UFP Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.36 per share. The ex-dividend date is Tuesday, September 1st. This represents a $1.44 dividend on an annualized basis and a yield of 1.7%. UFP Industries's dividend payout ratio is 33.03%.

UFP Industries Profile

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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