Hsbc Holdings PLC Grows Stock Position in UFP Industries, Inc. $UFPI

Key Points

• Hsbc Holdings PLC boosted its UFP Industries stake by 300.7% in the fourth quarter, ending with 21,424 shares valued at about $1.96 million.
• Institutional interest in UFPI remains high, with investors owning 81.81% of the company’s stock, even as several other funds also increased their positions.
• Analyst sentiment is mixed: while some firms upgraded or reiterated buy ratings, the stock currently carries a Hold consensus with an average target price of $105.40.

Hsbc Holdings PLC increased its stake in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 300.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,424 shares of the construction company's stock after buying an additional 16,077 shares during the quarter. Hsbc Holdings PLC's holdings in UFP Industries were worth $1,959,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Geneos Wealth Management Inc. lifted its holdings in shares of 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 last quarter. Signaturefd LLC grew its holdings in UFP Industries by 66.1% during the 4th quarter. Signaturefd LLC now owns 387 shares of the construction company's stock valued at $35,000 after purchasing an additional 154 shares during the last quarter. Danske Bank A S grew its holdings in UFP Industries by 300.0% during the 4th quarter. Danske Bank A S now owns 400 shares of the construction company's stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. IFP Advisors Inc raised its position in UFP Industries by 84.8% in the 4th quarter. IFP Advisors Inc now owns 414 shares of the construction company's stock worth $38,000 after purchasing an additional 190 shares during the period. Finally, CIBC Private Wealth Group LLC raised its position in UFP Industries by 117.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 413 shares of the construction company's stock worth $38,000 after purchasing an additional 223 shares during the period. Institutional investors own 81.81% of the company's stock.

Analyst Ratings Changes

UFPI has been the subject of several recent analyst reports. BMO Capital Markets upgraded UFP Industries from a "market perform" rating to an "outperform" rating and set a $108.00 target price for the company in a research report on Tuesday, May 5th. DA Davidson decreased their price target on UFP Industries from $110.00 to $105.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Weiss Ratings cut UFP Industries from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, June 2nd. Zacks Research downgraded UFP Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, March 17th. Finally, Benchmark reduced their target price on UFP Industries from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, UFP Industries currently has an average rating of "Hold" and a consensus target price of $105.40.

UFP Industries Trading Up 2.2%

Shares of UFP Industries stock traded up $1.81 on Friday, hitting $84.82. 391,024 shares of the company traded hands, compared to its average volume of 512,404. The stock's 50 day moving average price is $84.09 and its 200-day moving average price is $93.70. The company has a current ratio of 4.64, a quick ratio of 3.07 and a debt-to-equity ratio of 0.07. UFP Industries, Inc. has a 52 week low of $77.89 and a 52 week high of $118.00. The company has a market cap of $4.79 billion, a PE ratio of 18.52 and a beta of 1.22.

UFP Industries (NASDAQ:UFPI - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The construction company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.26). UFP Industries had a return on equity of 8.50% and a net margin of 4.31%.The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the company earned $1.30 EPS. The firm's revenue for the quarter was down 8.4% compared to the same quarter last year. Equities research analysts predict that UFP Industries, Inc. will post 4.6 EPS for the current year.

UFP Industries Announces Dividend

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

About UFP Industries

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.