Allspring Global Investments Holdings LLC Acquires 156,180 Shares of UFP Industries, Inc. $UFPI

Key Points

• Allspring Global Investments Holdings LLC increased its stake in UFP Industries by 14.9% during Q2, acquiring 156,180 shares, bringing its total to approximately 1.2 million shares worth $127.39 million.
• UFP Industries reported $1.70 earnings per share for the last quarter, falling short of analysts' expectations of $1.95, with revenues down 3.5% year-over-year.
• The company recently announced a quarterly dividend of $0.35 per share, equating to an annualized yield of 1.6%.

Allspring Global Investments Holdings LLC grew its holdings in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 14.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,207,793 shares of the construction company's stock after purchasing an additional 156,180 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 2.00% of UFP Industries worth $127,386,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in UFP Industries by 107.5% during the 1st quarter. GAMMA Investing LLC now owns 1,500 shares of the construction company's stock worth $161,000 after acquiring an additional 777 shares during the last quarter. KBC Group NV boosted its stake in UFP Industries by 15.8% during the 1st quarter. KBC Group NV now owns 2,836 shares of the construction company's stock worth $304,000 after acquiring an additional 386 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in UFP Industries during the 1st quarter worth approximately $1,534,000. Park Avenue Securities LLC boosted its stake in UFP Industries by 6.5% during the 1st quarter. Park Avenue Securities LLC now owns 2,221 shares of the construction company's stock worth $238,000 after acquiring an additional 136 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in UFP Industries by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 7,115 shares of the construction company's stock worth $761,000 after acquiring an additional 190 shares during the last quarter. Institutional investors own 81.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on UFPI. Loop Capital began coverage on shares of UFP Industries in a research note on Wednesday, July 23rd. They set a "hold" rating and a $112.00 price objective on the stock. Zacks Research lowered shares of UFP Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 19th. Stifel Nicolaus set a $95.00 price objective on shares of UFP Industries and gave the stock a "hold" rating in a research note on Wednesday. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of UFP Industries in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $124.25.

UFP Industries Price Performance

NASDAQ UFPI opened at $89.44 on Monday. The company has a quick ratio of 3.16, a current ratio of 4.54 and a debt-to-equity ratio of 0.07. UFP Industries, Inc. has a 12-month low of $88.99 and a 12-month high of $141.33. The company has a market capitalization of $5.24 billion, a PE ratio of 15.53 and a beta of 1.45. The firm's 50 day moving average is $98.31 and its 200-day moving average is $100.53.

UFP Industries (NASDAQ:UFPI - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The construction company reported $1.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.95 by ($0.25). UFP Industries had a net margin of 5.31% and a return on equity of 10.95%. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same quarter last year, the business earned $2.05 earnings per share. UFP Industries's revenue for the quarter was down 3.5% on a year-over-year basis. Equities research analysts anticipate that UFP Industries, Inc. will post 7.08 earnings per share for the current fiscal year.

UFP Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 1st were issued a $0.35 dividend. The ex-dividend date was Friday, August 29th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.6%. UFP Industries's dividend payout ratio (DPR) is 24.31%.

UFP Industries Profile

UFP Industries, Inc, through its subsidiaries, designs, manufactures, and markets wood and non-wood composites, and other materials in North America, Europe, Asia, and Australia. It operates through Retail, Packaging, and Construction segments. The Retail segment offers treated lumber products, including decking, fencing, lattice, and other products; pressure-treated and fire-retardant products used primarily for outdoor decking environments; and lawn and garden products, consisting of wood and vinyl fencing options, garden beds and planters, pergolas, picnic tables, and other landscaping products.

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