Confluence Investment Management LLC Purchases New Holdings in UFP Industries, Inc. $UFPI

Key Points

• Confluence Investment Management LLC acquired a new stake in UFP Industries, purchasing 12,686 shares valued at approximately $1.26 million in the second quarter.
• UFP Industries' quarterly earnings report showed a missed EPS estimate of $1.70 compared to the expected $1.95, alongside a year-over-year revenue decline of 3.5%.
• The company announced a $0.35 quarterly dividend with an annual yield of 1.4%, set to be paid on September 15th to investors of record.

Confluence Investment Management LLC purchased a new stake in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 12,686 shares of the construction company's stock, valued at approximately $1,260,000.

Several other institutional investors have also made changes to their positions in the stock. Kayne Anderson Rudnick Investment Management LLC lifted its stake in UFP Industries by 17.9% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,751,399 shares of the construction company's stock worth $401,550,000 after purchasing an additional 568,741 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in UFP Industries by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,917,463 shares of the construction company's stock worth $205,237,000 after purchasing an additional 25,903 shares during the last quarter. Boston Partners lifted its stake in UFP Industries by 118.6% during the first quarter. Boston Partners now owns 1,469,300 shares of the construction company's stock worth $157,270,000 after purchasing an additional 797,069 shares during the last quarter. Northern Trust Corp lifted its stake in UFP Industries by 1.6% during the first quarter. Northern Trust Corp now owns 1,129,244 shares of the construction company's stock worth $120,874,000 after purchasing an additional 18,097 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in UFP Industries by 14.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,051,613 shares of the construction company's stock worth $112,112,000 after purchasing an additional 132,595 shares during the last quarter. 81.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Loop Capital assumed coverage on UFP Industries in a research note on Wednesday, July 23rd. They set a "hold" rating and a $112.00 target price for the company. Zacks Research cut UFP Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 19th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $134.00.

UFP Industries Stock Down 3.6%

Shares of NASDAQ:UFPI opened at $98.68 on Friday. The company has a fifty day moving average of $102.09 and a 200-day moving average of $102.50. The company has a market capitalization of $5.78 billion, a PE ratio of 17.13 and a beta of 1.47. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.16 and a current ratio of 4.54. UFP Industries, Inc. has a 52-week low of $93.00 and a 52-week high of $141.33.

UFP Industries (NASDAQ:UFPI - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The construction company reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.25). The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.85 billion. UFP Industries had a return on equity of 10.95% and a net margin of 5.31%.The firm's quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the company posted $2.05 earnings per share. On average, equities analysts predict that UFP Industries, Inc. will post 7.08 EPS for the current fiscal year.

UFP Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 29th. UFP Industries's dividend payout ratio is presently 24.31%.

About UFP Industries

UFP Industries, Inc, through its subsidiaries, designs, manufactures, and markets wood and non-wood composites, and other materials in North America, Europe, Asia, and Australia. It operates through Retail, Packaging, and Construction segments. The Retail segment offers treated lumber products, including decking, fencing, lattice, and other products; pressure-treated and fire-retardant products used primarily for outdoor decking environments; and lawn and garden products, consisting of wood and vinyl fencing options, garden beds and planters, pergolas, picnic tables, and other landscaping products.

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