Bank of America Corp DE Has $23.55 Million Holdings in UFP Industries, Inc. $UFPI

Bank of America Corp DE cut its stake in shares of UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 255,661 shares of the construction company's stock after selling 27,472 shares during the quarter. Bank of America Corp DE owned approximately 0.45% of UFP Industries worth $23,551,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. IAG Wealth Partners LLC bought a new position in shares of UFP Industries in the first quarter valued at $28,000. Root Financial Partners LLC increased its position in shares of UFP Industries by 86.0% during the first quarter. Root Financial Partners LLC now owns 320 shares of the construction company's stock worth $29,000 after acquiring an additional 148 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of UFP Industries by 54.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 322 shares of the construction company's stock worth $32,000 after acquiring an additional 114 shares during the last quarter. Danske Bank A S raised its holdings in shares of UFP Industries by 300.0% in the 4th quarter. Danske Bank A S now owns 400 shares of the construction company's stock worth $36,000 after acquiring an additional 300 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in UFP Industries by 117.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 413 shares of the construction company's stock valued at $38,000 after acquiring an additional 223 shares in the last quarter. 81.81% of the stock is currently owned by institutional investors and hedge funds.

UFP Industries Stock Down 1.8%

Shares of NASDAQ:UFPI opened at $88.29 on Tuesday. UFP Industries, Inc. has a 1 year low of $77.89 and a 1 year high of $118.00. The company has a market capitalization of $4.87 billion, a PE ratio of 20.25 and a beta of 1.23. The business has a fifty day moving average price of $87.72 and a two-hundred day moving average price of $91.81. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.98 and a quick ratio of 2.64.

UFP Industries (NASDAQ:UFPI - Get Free Report) last released its earnings results on Wednesday, July 29th. The construction company reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates of $1.37 by $0.11. UFP Industries had a net margin of 3.99% and a return on equity of 8.00%. The firm had revenue of $1.88 billion for the quarter, compared to analysts' expectations of $1.79 billion. Analysts forecast that UFP Industries, Inc. will post 4.56 earnings per share for the current year.

UFP Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Tuesday, September 1st. UFP Industries's payout ratio is currently 33.03%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on UFPI shares. Benchmark lowered their price objective on UFP Industries from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Friday, May 1st. DA Davidson cut their target price on UFP Industries from $110.00 to $105.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Zacks Research upgraded UFP Industries from a "strong sell" rating to a "hold" rating in a report on Friday, July 31st. Stifel Nicolaus lowered their price target on UFP Industries from $100.00 to $87.00 and set a "hold" rating for the company in a research report on Monday, May 11th. Finally, Weiss Ratings upgraded UFP Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $103.75.

UFP Industries Company 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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