Fifth Third Bancorp Boosts Stake in UFP Industries, Inc. $UFPI

Key Points

• Fifth Third Bancorp sharply increased its stake in UFP Industries, boosting holdings by 1,459.9% in the first quarter to 60,136 shares valued at about $5.54 million.
• Analyst sentiment on UFPI is mixed, with several price target cuts and one downgrade, leaving the stock with an average Hold rating and a consensus target price of $105.40.
• UFP Industries recently reported weaker-than-expected earnings, with EPS of $0.89 versus $1.15 expected and revenue of $1.46 billion versus $1.51 billion estimated, though it also paid a quarterly dividend of $0.36 per share.

Fifth Third Bancorp grew its stake in shares of UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 1,459.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 60,136 shares of the construction company's stock after buying an additional 56,281 shares during the period. Fifth Third Bancorp owned 0.11% of UFP Industries worth $5,540,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. IAG Wealth Partners LLC purchased a new stake in shares of UFP Industries during the first quarter worth about $28,000. Root Financial Partners LLC boosted its position in UFP Industries by 86.0% during the first quarter. Root Financial Partners LLC now owns 320 shares of the construction company's stock worth $29,000 after acquiring an additional 148 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in UFP Industries by 54.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 322 shares of the construction company's stock worth $32,000 after acquiring an additional 114 shares during the period. Signaturefd LLC raised its holdings in UFP Industries by 66.1% in the 4th quarter. Signaturefd LLC now owns 387 shares of the construction company's stock valued at $35,000 after acquiring an additional 154 shares during the last quarter. Finally, Danske Bank A S raised its holdings in UFP Industries by 300.0% in the 4th quarter. Danske Bank A S now owns 400 shares of the construction company's stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. 81.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

UFPI has been the topic of several analyst reports. DA Davidson decreased their price objective on UFP Industries from $110.00 to $105.00 and set a "buy" rating on the stock in a report on Friday, May 1st. Weiss Ratings lowered UFP Industries from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 2nd. Stifel Nicolaus reduced their target price on UFP Industries from $100.00 to $87.00 and set a "hold" rating on the stock in a research report on Monday, May 11th. BMO Capital Markets upgraded UFP Industries from a "market perform" rating to an "outperform" rating and set a $108.00 price target for the company in a report on Tuesday, May 5th. Finally, Benchmark dropped their price objective on shares of UFP Industries from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $105.40.

UFP Industries Stock Performance

NASDAQ UFPI opened at $85.93 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.64 and a quick ratio of 3.07. UFP Industries, Inc. has a 1-year low of $77.89 and a 1-year high of $118.00. The firm has a market capitalization of $4.85 billion, a P/E ratio of 18.76 and a beta of 1.22. The business's 50-day simple moving average is $84.17 and its 200-day simple moving average is $93.47.

UFP Industries (NASDAQ:UFPI - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The construction company reported $0.89 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.26). The business had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.51 billion. UFP Industries had a net margin of 4.31% and a return on equity of 8.50%. The company's quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.30 EPS. Equities analysts predict that UFP Industries, Inc. will post 4.57 EPS for the current year.

UFP Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.36 per share. The ex-dividend date was Monday, June 1st. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. UFP Industries's payout ratio is presently 31.44%.

UFP Industries Profile

UFP Industries, Inc, founded in 1955 and headquartered in Grand Rapids, Michigan, designs, manufactures, and distributes a broad range of wood and wood-alternative products. The company operates through two primary segments: UFP Retail Solutions, which supplies building materials and components to home improvement retailers and lumber dealers, and UFP Distribution Solutions, which offers packaging, pallets, skids, and other industrial products for a variety of end markets. Its product portfolio includes treated and untreated lumber, engineered wood, decking, railing, fencing, vinyl sheets and profiles, and custom-designed packaging solutions.

With manufacturing facilities and distribution centers across the United States, Canada, Mexico and Europe, UFP Industries serves professional contractors, industrial customers, and do-it-yourself consumers.

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