Bank of America Corp DE Takes $25.53 Million Position in UFP Industries, Inc. $UFPI

Key Points

• Bank of America acquired a new $25.53 million stake in UFP Industries during the second quarter, purchasing 281,345 shares and owning approximately 0.51% of the company.
• Institutional investors and hedge funds hold 81.81% of UFPI, with BlackRock also establishing a substantial new position valued at approximately $688.1 million.
• UFP Industries beat quarterly earnings and revenue estimates, while analysts maintain a “Moderate Buy” consensus with an average price target of $104.50; shares recently traded at $81.78 and the company pays a $1.44 annualized dividend.

Bank of America Corp DE acquired a new position in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 281,345 shares of the construction company's stock, valued at approximately $25,529,000. Bank of America Corp DE owned approximately 0.51% of UFP Industries at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of UFPI. BlackRock Inc. bought a new stake in shares of UFP Industries during the 2nd quarter worth about $688,063,000. Wasatch Advisors LP boosted its position in UFP Industries by 32.9% during the first quarter. Wasatch Advisors LP now owns 2,037,908 shares of the construction company's stock worth $187,732,000 after purchasing an additional 504,609 shares during the period. River Road Asset Management LLC grew its holdings in UFP Industries by 64.1% during the fourth quarter. River Road Asset Management LLC now owns 879,935 shares of the construction company's stock valued at $80,118,000 after purchasing an additional 343,830 shares during the last quarter. Norges Bank acquired a new position in UFP Industries during the fourth quarter valued at approximately $75,183,000. Finally, Deprince Race & Zollo Inc. raised its position in shares of UFP Industries by 27.1% in the first quarter. Deprince Race & Zollo Inc. now owns 579,797 shares of the construction company's stock valued at $53,411,000 after purchasing an additional 123,500 shares during the period. 81.81% of the stock is owned by institutional investors and hedge funds.

UFP Industries Trading Down 1.5%

Shares of UFP Industries stock opened at $81.78 on Thursday. UFP Industries, Inc. has a 1 year low of $77.89 and a 1 year high of $118.00. The company's fifty day simple moving average is $86.42 and its 200-day simple moving average is $87.23. The company has a market cap of $4.51 billion, a price-to-earnings ratio of 18.76 and a beta of 1.22. The company has a current ratio of 3.98, a quick ratio of 2.64 and a debt-to-equity ratio of 0.07.

UFP Industries (NASDAQ:UFPI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The construction company reported $1.48 EPS 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 business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.79 billion. As a group, sell-side analysts expect that UFP Industries, Inc. will post 4.51 EPS for the current year.

UFP Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a $0.36 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.8%. UFP Industries's dividend payout ratio (DPR) is currently 33.03%.

Analysts Set New Price Targets

UFPI has been the topic of a number of research analyst reports. Zacks Research upgraded shares of UFP Industries from a "strong sell" rating to a "hold" rating in a research note on Friday, July 31st. Stifel Nicolaus set a $90.00 price target on shares of UFP Industries and gave the company a "hold" rating in a report on Monday, August 24th. Finally, Weiss Ratings raised UFP Industries from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, UFP Industries has a consensus rating of "Moderate Buy" and a consensus target price of $104.50.

UFP Industries Profile

UFP Industries, Inc is a manufacturer and distributor of wood, composite and other products serving the construction, industrial and retail sectors. The company operates through businesses focused on supplying materials and finished products for residential and commercial construction, outdoor living, manufactured housing, packaging and industrial applications.

Its product offerings include pressure-treated lumber, engineered wood components, decking, fencing, lawn and garden products, trusses, wood pallets, crates and other custom packaging solutions.

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