Bank of America Corp DE Purchases 9,404 Shares of UFP Technologies, Inc. $UFPT

Key Points

• Bank of America increased its UFP Technologies stake by 20.7%, purchasing 9,404 shares to own 54,732 shares valued at approximately $10.6 million. Institutional investors collectively hold 87.28% of the company.
• UFP Technologies exceeded quarterly expectations, reporting $2.92 in EPS versus the $2.31 consensus and revenue of $173.96 million versus estimates of $159.38 million. Analysts expect full-year EPS of $10.54.
• Company insiders sold 20,119 shares worth $6.33 million during the last quarter, while the stock traded near $309.13—close to its 12-month high of $338.71. Analyst sentiment remains mixed, with a consensus “Hold” rating.

Bank of America Corp DE raised its stake in UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) by 20.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 54,732 shares of the industrial products company's stock after buying an additional 9,404 shares during the quarter. Bank of America Corp DE owned about 0.71% of UFP Technologies worth $10,596,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Global Retirement Partners LLC bought a new position in UFP Technologies in the fourth quarter valued at $28,000. Smartleaf Asset Management LLC lifted its position in UFP Technologies by 1,500.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 176 shares of the industrial products company's stock worth $41,000 after buying an additional 165 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of UFP Technologies during the 2nd quarter worth about $49,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of UFP Technologies during the 3rd quarter worth about $51,000. Finally, PNC Financial Services Group Inc. grew its holdings in shares of UFP Technologies by 66.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 236 shares of the industrial products company's stock valued at $52,000 after acquiring an additional 94 shares in the last quarter. Institutional investors and hedge funds own 87.28% of the company's stock.

Insider Activity

In other UFP Technologies news, Chairman R Jeffrey Bailly sold 5,013 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $317.87, for a total value of $1,593,482.31. Following the completion of the sale, the chairman directly owned 13,011 shares of the company's stock, valued at approximately $4,135,806.57. This represents a 27.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Cynthia L. Feldmann sold 1,000 shares of UFP Technologies stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $324.26, for a total value of $324,260.00. Following the sale, the director owned 4,476 shares in the company, valued at $1,451,387.76. The trade was a 18.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 20,119 shares of company stock worth $6,328,732 over the last quarter. Insiders own 4.59% of the company's stock.

UFP Technologies Price Performance

UFP Technologies stock opened at $309.13 on Monday. The company has a current ratio of 3.00, a quick ratio of 1.72 and a debt-to-equity ratio of 0.26. UFP Technologies, Inc. has a 12 month low of $173.86 and a 12 month high of $338.71. The company has a market capitalization of $2.40 billion, a PE ratio of 33.31 and a beta of 1.08. The stock has a 50-day moving average price of $268.38 and a two-hundred day moving average price of $234.45.

UFP Technologies (NASDAQ:UFPT - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The industrial products company reported $2.92 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.61. The company had revenue of $173.96 million for the quarter, compared to analyst estimates of $159.38 million. UFP Technologies had a net margin of 11.45% and a return on equity of 18.42%. Analysts expect that UFP Technologies, Inc. will post 10.54 EPS for the current year.

Analysts Set New Price Targets

UFPT has been the topic of a number of research analyst reports. Weiss Ratings raised shares of UFP Technologies from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, August 5th. Wall Street Zen raised UFP Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold".

About UFP Technologies

UFP Technologies, Inc NASDAQ: UFPT is a global designer and manufacturer of custom-engineered products using plastics, foams and adhesives. The company partners with customers to develop application-specific solutions through a range of in-house processes, including foam fabrication, die cutting, sheet processing, lamination, machining and assembly services. Its components find use in industries requiring precise material properties, such as medical devices, aerospace, defense, electronics and transportation.

Building on its origins as a specialty foam converter, UFP Technologies has expanded its capabilities to include advanced material technologies, such as thermal management and electromagnetic interference (EMI) shielding solutions.

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