BlackRock Inc. Buys New Position in UFP Technologies, Inc. $UFPT

Key Points

• BlackRock acquired a new 1.14 million-share stake in UFP Technologies during the second quarter, valued at approximately $302.6 million and representing 14.75% of the company. Institutional investors collectively own 87.28% of UFPT.
• UFP Technologies exceeded quarterly expectations, reporting earnings of $2.92 per share versus the $2.31 consensus estimate and revenue of $173.96 million versus $159.38 million expected.
• UFPT shares opened at $304.57, near their 12-month high of $338.71, while analysts maintained an average “Hold” rating. Company insiders sold more than 20,000 shares worth approximately $6.3 million over the past 90 days.

BlackRock Inc. bought a new stake in shares of UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,141,410 shares of the industrial products company's stock, valued at approximately $302,622,000. BlackRock Inc. owned about 14.75% of UFP Technologies at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of UFPT. Global Retirement Partners LLC purchased a new stake in shares of UFP Technologies during the 4th quarter valued at $28,000. Smartleaf Asset Management LLC grew its position in UFP Technologies by 1,500.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 176 shares of the industrial products company's stock worth $41,000 after acquiring an additional 165 shares in the last quarter. Versant Capital Management Inc grew its position in UFP Technologies by 1,291.7% in the second quarter. Versant Capital Management Inc now owns 167 shares of the industrial products company's stock worth $44,000 after acquiring an additional 155 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in UFP Technologies in the second quarter valued at $49,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in UFP Technologies in the third quarter valued at $51,000. Hedge funds and other institutional investors own 87.28% of the company's stock.

UFP Technologies Price Performance

Shares of UFP Technologies stock opened at $304.57 on Thursday. The company's fifty day simple moving average is $272.80 and its two-hundred day simple moving average is $235.51. UFP Technologies, Inc. has a 12-month low of $173.86 and a 12-month high of $338.71. The firm has a market cap of $2.36 billion, a PE ratio of 32.82 and a beta of 1.08. The company has a quick ratio of 1.72, a current ratio of 3.00 and a debt-to-equity ratio of 0.26.

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

Analyst Ratings Changes

UFPT has been the subject of several research analyst reports. Wall Street Zen raised UFP Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Weiss Ratings upgraded UFP Technologies from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, UFP Technologies presently has an average rating of "Hold".

Insider Activity at UFP Technologies

In other news, Director Symeria Hudson sold 1,926 shares of UFP Technologies stock in a transaction that occurred on 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman R Jeffrey Bailly sold 10,682 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $318.63, for a total value of $3,403,605.66. Following the transaction, the chairman directly owned 18,024 shares in the company, valued at $5,742,987.12. This trade represents a 37.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 20,119 shares of company stock worth $6,328,732 in the last 90 days. Company insiders own 4.59% of the company's stock.

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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