Assenagon Asset Management S.A. Buys Shares of 27,139 UFP Industries, Inc. $UFPI

Key Points

• Assenagon Asset Management S.A. has acquired 27,139 shares of UFP Industries, Inc. valued at approximately $2.7 million, reflecting institutional interest in the company.
• UFP Industries reported earnings of $1.70 per share for the last quarter, which was below analysts' expectations of $1.95, marking a 3.5% year-over-year revenue decline.
• The company's quarterly dividend of $0.35 per share translates to an annual yield of 1.5%, with a payout ratio of 24.31%.

Assenagon Asset Management S.A. purchased a new position in shares of UFP Industries, Inc. (NASDAQ:UFPI - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,139 shares of the construction company's stock, valued at approximately $2,697,000.

Several other hedge funds have also made changes to their positions in UFPI. Migdal Insurance & Financial Holdings Ltd. acquired a new position in UFP Industries during the 1st quarter worth $36,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of UFP Industries by 39.9% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 417 shares of the construction company's stock valued at $45,000 after buying an additional 119 shares during the period. UMB Bank n.a. grew its position in shares of UFP Industries by 182.1% during the first quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock worth $61,000 after buying an additional 366 shares in the last quarter. Signaturefd LLC grew its position in shares of UFP Industries by 222.5% during the first quarter. Signaturefd LLC now owns 816 shares of the construction company's stock worth $87,000 after buying an additional 563 shares in the last quarter. Finally, Covestor Ltd increased its stake in shares of UFP Industries by 20.4% during the first quarter. Covestor Ltd now owns 886 shares of the construction company's stock worth $94,000 after buying an additional 150 shares during the period. Institutional investors and hedge funds own 81.81% of the company's stock.

UFP Industries Stock Performance

Shares of UFP Industries stock opened at $91.80 on Friday. 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 52 week low of $91.16 and a 52 week high of $141.33. The firm's 50 day moving average is $100.56 and its two-hundred day moving average is $101.85. The firm has a market capitalization of $5.38 billion, a P/E ratio of 15.94 and a beta of 1.47.

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

UFP Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.5%. The ex-dividend date was Friday, August 29th. UFP Industries's dividend payout ratio is currently 24.31%.

Wall Street Analysts Forecast Growth

UFPI has been the subject of a number of recent research reports. Loop Capital began coverage on shares of UFP Industries in a research note on Wednesday, July 23rd. They issued a "hold" rating and a $112.00 price target for the company. Zacks Research cut shares of UFP Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 19th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, UFP Industries has a consensus rating of "Hold" and an average target price of $134.00.

About UFP Industries

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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