Corebridge Financial Inc. Sells 2,453 Shares of UFP Industries, Inc. $UFPI

Key Points

• Corebridge Financial Inc. has reduced its stake in UFP Industries by 2.5%, holding approximately 95,925 shares valued at $10.27 million after selling 2,453 shares in Q1.
• UFP Industries reported Q2 earnings of $1.70 per share, missing estimates by $0.25, with a revenue of $1.84 billion, slightly below expectations.
• UFP Industries declared a quarterly dividend of $0.35, representing an annualized dividend yield of 1.4%, with a payout ratio of 24.31%.

Corebridge Financial Inc. decreased its stake in shares of UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 2.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 95,925 shares of the construction company's stock after selling 2,453 shares during the period. Corebridge Financial Inc. owned approximately 0.16% of UFP Industries worth $10,268,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd boosted its stake in shares of UFP Industries by 39.9% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 417 shares of the construction company's stock valued at $45,000 after purchasing an additional 119 shares in the last quarter. Park Avenue Securities LLC lifted its position in UFP Industries by 6.5% during the 1st quarter. Park Avenue Securities LLC now owns 2,221 shares of the construction company's stock valued at $238,000 after acquiring an additional 136 shares during the period. Nations Financial Group Inc. IA ADV lifted its position in UFP Industries by 2.1% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 6,950 shares of the construction company's stock valued at $744,000 after acquiring an additional 141 shares during the period. Bridge City Capital LLC lifted its position in UFP Industries by 0.3% during the 1st quarter. Bridge City Capital LLC now owns 56,123 shares of the construction company's stock valued at $6,007,000 after acquiring an additional 145 shares during the period. Finally, Covestor Ltd lifted its position in UFP Industries by 20.4% during the 1st quarter. Covestor Ltd now owns 886 shares of the construction company's stock valued at $94,000 after acquiring an additional 150 shares during the period. Institutional investors own 81.81% of the company's stock.

UFP Industries Stock Performance

Shares of UFPI traded down $1.10 during mid-day trading on Friday, hitting $100.97. 271,216 shares of the company traded hands, compared to its average volume of 323,315. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.16 and a current ratio of 4.54. The stock has a 50-day moving average price of $102.34 and a two-hundred day moving average price of $103.25. UFP Industries, Inc. has a 1 year low of $93.00 and a 1 year high of $141.33. The stock has a market cap of $5.91 billion, a price-to-earnings ratio of 17.53 and a beta of 1.43.

UFP Industries (NASDAQ:UFPI - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The construction company reported $1.70 earnings per share 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 analysts' expectations of $1.85 billion. UFP Industries had a net margin of 5.31% and a return on equity of 10.95%. The firm's revenue for the quarter was down 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.05 earnings per share. Equities analysts anticipate that UFP Industries, Inc. will post 7.08 earnings per share for the current year.

UFP Industries Announces Dividend

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

Wall Street Analyst Weigh In

UFPI has been the subject of a number of recent research reports. Zacks Research cut shares of UFP Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 19th. Loop Capital started coverage on shares of UFP Industries in a report on Wednesday, July 23rd. They issued a "hold" rating and a $112.00 target price for the company. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $134.00.

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.