Kayne Anderson Rudnick Investment Management LLC Purchases 568,741 Shares of UFP Industries, Inc. $UFPI

Key Points

• Kayne Anderson Rudnick Investment Management LLC increased its stake in UFP Industries, Inc. by 17.9%, owning 3,751,399 shares valued at $401.55 million as of the end of the most recent quarter.
• UFP Industries reported a decline in earnings, with a missed EPS estimate of $1.70 compared to the expected $1.95 for the latest quarter, along with a 3.5% decrease in revenue year-over-year.
• The company has announced a $0.35 quarterly dividend, reflecting an annualized yield of 1.3%, with the payment scheduled for September 15th to shareholders on record as of September 1st.

Kayne Anderson Rudnick Investment Management LLC boosted its position in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 17.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,751,399 shares of the construction company's stock after buying an additional 568,741 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned approximately 6.21% of UFP Industries worth $401,550,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in UFP Industries by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,917,463 shares of the construction company's stock worth $205,237,000 after buying an additional 25,903 shares in the last quarter. Boston Partners lifted its position in UFP Industries by 118.6% in the first quarter. Boston Partners now owns 1,469,300 shares of the construction company's stock valued at $157,270,000 after purchasing an additional 797,069 shares during the last quarter. Northern Trust Corp lifted its position in UFP Industries by 1.6% in the first quarter. Northern Trust Corp now owns 1,129,244 shares of the construction company's stock valued at $120,874,000 after purchasing an additional 18,097 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in UFP Industries by 14.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,051,613 shares of the construction company's stock valued at $112,112,000 after purchasing an additional 132,595 shares during the last quarter. Finally, Royce & Associates LP lifted its position in UFP Industries by 10.9% in the first quarter. Royce & Associates LP now owns 697,311 shares of the construction company's stock valued at $74,640,000 after purchasing an additional 68,742 shares during the last quarter. Hedge funds and other institutional investors own 81.81% of the company's stock.

UFP Industries Trading Down 1.0%

Shares of UFP Industries stock traded down $1.05 during midday trading on Tuesday, reaching $104.96. 342,545 shares of the company's stock traded hands, compared to its average volume of 349,045. 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 company has a market cap of $6.15 billion, a PE ratio of 18.22 and a beta of 1.43. The stock has a 50 day moving average of $101.95 and a 200-day moving average of $103.52. UFP Industries, Inc. has a 12 month low of $93.00 and a 12 month high of $141.33.

UFP Industries (NASDAQ:UFPI - Get Free Report) last announced its earnings results on Monday, July 28th. The construction company reported $1.70 EPS for the quarter, missing analysts' consensus estimates of $1.95 by ($0.25). The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.05 EPS. As a group, equities analysts expect that UFP Industries, Inc. will post 7.08 EPS for the current fiscal year.

UFP Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be issued a $0.35 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.40 dividend on an annualized basis and a yield of 1.3%. UFP Industries's dividend payout ratio is 24.31%.

Analysts Set New Price Targets

Several analysts have weighed in on UFPI shares. Loop Capital started coverage on 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 downgraded UFP Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 19th. Two investment 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 MarketBeat.com, UFP Industries presently has an average rating of "Hold" and a consensus price target 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.