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

A number of other large investors have also recently bought and sold shares of UFPI. Hsbc Holdings PLC lifted its position in shares of UFP Industries by 733.7% in the fourth quarter. Hsbc Holdings PLC now owns 25,604 shares of the construction company's stock valued at $2,887,000 after acquiring an additional 22,533 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in UFP Industries in the 4th quarter valued at about $208,000. Northern Trust Corp raised its stake in UFP Industries by 9.7% in the 4th quarter. Northern Trust Corp now owns 1,111,147 shares of the construction company's stock valued at $125,171,000 after purchasing an additional 98,533 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new position in UFP Industries in the 4th quarter valued at about $61,000. Finally, Aptus Capital Advisors LLC boosted its stake in shares of UFP Industries by 23.8% during the 4th quarter. Aptus Capital Advisors LLC now owns 72,642 shares of the construction company's stock worth $8,183,000 after purchasing an additional 13,983 shares during the last quarter. Institutional investors and hedge funds own 81.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on UFPI shares. Loop Capital assumed coverage on shares of UFP Industries in a research report on Wednesday, July 23rd. They issued a "hold" rating and a $112.00 price objective for the company. Zacks Research cut shares of 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 issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $134.00.

UFP Industries Trading Down 0.8%

Shares of UFPI stock traded down $0.80 on Tuesday, reaching $100.17. 328,007 shares of the stock were exchanged, compared to its average volume of 304,782. The company has a quick ratio of 3.16, a current ratio of 4.54 and a debt-to-equity ratio of 0.07. The stock has a market cap of $5.87 billion, a P/E ratio of 17.39 and a beta of 1.47. The firm has a 50 day moving average of $102.36 and a two-hundred day moving average of $103.04. UFP Industries, Inc. has a 1-year low of $93.00 and a 1-year high of $141.33.

UFP Industries (NASDAQ:UFPI - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The construction company reported $1.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.95 by ($0.25). The firm 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%. UFP Industries's revenue was down 3.5% on a year-over-year basis. During the same period last year, the firm posted $2.05 EPS. On average, research analysts anticipate that UFP Industries, Inc. will post 7.08 EPS for the current year.

UFP Industries Dividend Announcement

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 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 29th. UFP Industries's dividend payout ratio is 24.31%.

UFP Industries Profile

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.