Carnegie Investment Counsel Invests $400,000 in UFP Technologies, Inc. (NASDAQ:UFPT)

Key Points

• Carnegie Investment Counsel has invested approximately $400,000 in UFP Technologies, acquiring 1,984 shares during the first quarter.
• Institutional ownership in UFP Technologies is high, with 87.28% of the stock held by institutional investors and hedge funds.
• UFP Technologies reported earnings of $2.47 EPS for the last quarter, exceeding analysts' expectations of $2.05 and achieving revenues of $148.15 million.

Carnegie Investment Counsel purchased a new position in shares of UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,984 shares of the industrial products company's stock, valued at approximately $400,000.

Several other institutional investors also recently modified their holdings of UFPT. Wasatch Advisors LP increased its stake in shares of UFP Technologies by 37.1% in the fourth quarter. Wasatch Advisors LP now owns 576,691 shares of the industrial products company's stock valued at $141,007,000 after buying an additional 156,142 shares during the period. Vanguard Group Inc. increased its stake in shares of UFP Technologies by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 557,479 shares of the industrial products company's stock valued at $136,309,000 after buying an additional 17,356 shares during the period. Congress Asset Management Co. increased its stake in shares of UFP Technologies by 10.0% in the first quarter. Congress Asset Management Co. now owns 309,395 shares of the industrial products company's stock valued at $62,408,000 after buying an additional 28,070 shares during the period. Boston Trust Walden Corp increased its stake in shares of UFP Technologies by 98.4% in the first quarter. Boston Trust Walden Corp now owns 214,147 shares of the industrial products company's stock valued at $43,196,000 after buying an additional 106,197 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of UFP Technologies by 55.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 178,411 shares of the industrial products company's stock valued at $43,625,000 after buying an additional 63,899 shares during the period. 87.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other UFP Technologies news, SVP Christopher P. Litterio sold 1,473 shares of the company's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $220.12, for a total transaction of $324,236.76. Following the sale, the senior vice president owned 12,585 shares of the company's stock, valued at approximately $2,770,210.20. This represents a 10.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.40% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital set a $252.00 price objective on UFP Technologies and gave the company a "buy" rating in a research note on Wednesday, May 7th.

UFP Technologies Price Performance

UFP Technologies stock opened at $241.92 on Friday. The stock's 50 day moving average is $239.00 and its 200 day moving average is $234.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.58 and a quick ratio of 1.45. The firm has a market cap of $1.87 billion, a P/E ratio of 29.61 and a beta of 1.11. UFP Technologies, Inc. has a one year low of $178.26 and a one year high of $366.41.

UFP Technologies (NASDAQ:UFPT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The industrial products company reported $2.47 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.42. The company had revenue of $148.15 million for the quarter, compared to analyst estimates of $139.93 million. UFP Technologies had a return on equity of 21.27% and a net margin of 11.59%.

UFP Technologies Company Profile

UFP Technologies, Inc designs and manufactures solutions for medical devices, sterile packaging, and other highly engineered custom products. The company offers protective drapes for robotic surgery, single patient use surfaces, advanced wound care, infection prevention, disposables for surgical and endoscopic procedures, packaging for medical devices, orthopedic implants, biopharma drug manufacturing, and coils for catheters; and molded components for applications in acoustic insulation, interior trim, load floors, sunshades, SUV cargo cover handles, driveshaft damping, engine and manifold covers, quarter panels, and wheel liners.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.