Congress Asset Management Co. Cuts Stock Position in UFP Technologies, Inc. $UFPT

Key Points

• Congress Asset Management cut its UFP Technologies position by 15.8% in the third quarter, selling 108,669 shares and retaining 578,770 shares valued at approximately $171.8 million. The fund still owns about 7.47% of UFPT.
• UFP Technologies reported quarterly EPS of $2.92, exceeding the $2.31 consensus estimate, while revenue of $173.96 million also topped expectations. Institutional investors own 87.28% of the company.
• UFPT shares traded at $302.87, with a market capitalization of $2.35 billion, while the analyst consensus remains “Hold.” Company insiders sold 25,919 shares worth roughly $8.17 million during the latest quarter.

Congress Asset Management Co. trimmed its holdings in shares of UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) by 15.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 578,770 shares of the industrial products company's stock after selling 108,669 shares during the period. UFP Technologies comprises 1.1% of Congress Asset Management Co.'s holdings, making the stock its 16th largest position. Congress Asset Management Co. owned approximately 7.47% of UFP Technologies worth $171,791,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of UFPT. Integrated Wealth Concepts LLC acquired a new position in UFP Technologies during the second quarter valued at approximately $41,000. Nykredit A S acquired a new stake in shares of UFP Technologies in the 2nd quarter valued at approximately $126,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of UFP Technologies in the second quarter valued at $398,000. Grandeur Peak Global Advisors LLC grew its stake in shares of UFP Technologies by 43.3% in the second quarter. Grandeur Peak Global Advisors LLC now owns 2,848 shares of the industrial products company's stock valued at $755,000 after buying an additional 860 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in UFP Technologies during the second quarter worth $887,000. Institutional investors and hedge funds own 87.28% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on UFPT. Wall Street Zen raised shares of UFP Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of UFP Technologies from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, UFP Technologies presently has a consensus rating of "Hold".

UFP Technologies Stock Performance

Shares of UFPT stock traded down $4.46 during trading on Tuesday, reaching $302.87. 132,593 shares of the company's stock were exchanged, compared to its average volume of 188,480. The company has a quick ratio of 1.72, a current ratio of 3.00 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $2.35 billion, a PE ratio of 32.64 and a beta of 1.04. UFP Technologies, Inc. has a twelve month low of $173.86 and a twelve month high of $338.71. The firm's fifty day moving average price is $295.06 and its 200-day moving average price is $247.59.

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

Insider Activity at UFP Technologies

In other UFP Technologies news, Director Symeria Hudson sold 298 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $319.11, for a total value of $95,094.78. Following the transaction, the director directly owned 927 shares of the company's stock, valued at $295,814.97. This represents a 24.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cynthia L. Feldmann sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $324.26, for a total transaction of $324,260.00. Following the sale, the director owned 4,476 shares of the company's stock, valued at $1,451,387.76. This trade represents a 18.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 25,919 shares of company stock worth $8,173,084. 4.59% of the stock is owned by corporate insiders.

About UFP Technologies

UFP Technologies, Inc NASDAQ: UFPT is a designer and manufacturer of custom-engineered components, subassemblies and complete systems used primarily in the medical device industry. The company works with medical device manufacturers to develop solutions for applications such as minimally invasive surgery, orthopedics, cardiovascular care, wound care, drug delivery and patient monitoring.

Its capabilities include materials selection, product design and development, precision converting, molding, thermoforming, assembly and packaging.

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