Bank of New York Mellon Corp Acquires New Holdings in UFP Technologies, Inc. $UFPT

Key Points

• Bank of New York Mellon acquired 42,702 shares of UFP Technologies in the second quarter, valued at approximately $11.3 million and representing about 0.55% of the company. Institutional investors collectively own 87.28% of UFPT.
• Company insiders sold 27,119 shares worth approximately $8.46 million over the past 90 days, including significant sales by Chairman R. Jeffrey Bailly and Director Symeria Hudson.
• UFP Technologies exceeded quarterly expectations, reporting $2.92 in EPS versus the $2.31 consensus and revenue of $173.96 million versus $159.38 million expected. Despite one analyst upgrade to “buy,” the overall analyst consensus remains “Hold.”

Bank of New York Mellon Corp bought a new position in UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 42,702 shares of the industrial products company's stock, valued at approximately $11,322,000. Bank of New York Mellon Corp owned approximately 0.55% of UFP Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Rice Hall James & Associates LLC grew its position in shares of UFP Technologies by 110.0% in the 1st quarter. Rice Hall James & Associates LLC now owns 21,211 shares of the industrial products company's stock worth $4,106,000 after buying an additional 11,111 shares during the last quarter. UBS Group AG boosted its stake in UFP Technologies by 22.4% in the fourth quarter. UBS Group AG now owns 189,403 shares of the industrial products company's stock valued at $42,053,000 after acquiring an additional 34,715 shares in the last quarter. Maridea Wealth Management LLC acquired a new stake in UFP Technologies in the first quarter valued at approximately $1,465,000. Isthmus Partners LLC purchased a new position in UFP Technologies in the first quarter worth $1,679,000. Finally, First Trust Advisors LP grew its holdings in UFP Technologies by 160.0% in the first quarter. First Trust Advisors LP now owns 27,941 shares of the industrial products company's stock worth $5,409,000 after purchasing an additional 17,195 shares during the last quarter. 87.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Chairman R Jeffrey Bailly sold 10,682 shares of the company's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $318.63, for a total value of $3,403,605.66. Following the sale, the chairman owned 18,024 shares in the company, valued at $5,742,987.12. This represents a 37.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Symeria Hudson sold 1,926 shares of the firm's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $324.58, for a total value of $625,141.08. Following the sale, the director directly owned 1,225 shares in the company, valued at approximately $397,610.50. This trade represents a 61.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 27,119 shares of company stock worth $8,460,232. Corporate insiders own 4.59% of the company's stock.

Analyst Ratings Changes

UFPT has been the subject of several analyst reports. Weiss Ratings upgraded 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 analysts have rated the stock with a Hold rating, According to MarketBeat.com, UFP Technologies has a consensus rating of "Hold".

UFP Technologies Price Performance

NASDAQ UFPT opened at $294.06 on Wednesday. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 31.69 and a beta of 1.08. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.00 and a quick ratio of 1.72. The stock's fifty day moving average price is $277.71 and its 200 day moving average price is $236.42. UFP Technologies, Inc. has a 1 year low of $173.86 and a 1 year high of $338.71.

UFP Technologies (NASDAQ:UFPT - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The industrial products company reported $2.92 EPS for the quarter, topping analysts' consensus estimates of $2.31 by $0.61. UFP Technologies had a return on equity of 18.42% and a net margin of 11.45%.The company had revenue of $173.96 million during the quarter, compared to analysts' expectations of $159.38 million. As a group, equities research analysts forecast that UFP Technologies, Inc. will post 10.54 earnings per share for the current year.

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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