Navellier & Associates Inc. Trims Stock Position in UFP Technologies, Inc. (NASDAQ:UFPT)

Key Points

• Navellier & Associates Inc. sold 4,544 shares of UFP Technologies, reducing their stake by 49.5% to approximately 4,642 shares, worth about $916,000 as of their latest SEC filing.
• Several other institutional investors have increased or initiated stakes in UFP Technologies, including Canada Pension Plan Investment Board, which raised its holdings by 25.0%.
• UFP Technologies reported $2.47 earnings per share for the latest quarter, exceeding estimates, with a revenue of $148.15 million compared to the expected $139.93 million.

Navellier & Associates Inc. lessened its stake in shares of UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) by 49.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 4,642 shares of the industrial products company's stock after selling 4,544 shares during the period. Navellier & Associates Inc. owned 0.06% of UFP Technologies worth $916,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Wasatch Advisors LP lifted its position in shares of UFP Technologies by 37.1% in the fourth quarter. Wasatch Advisors LP now owns 576,691 shares of the industrial products company's stock valued at $141,007,000 after acquiring an additional 156,142 shares in the last quarter. Boston Trust Walden Corp lifted its position in shares of UFP Technologies by 98.4% in the first quarter. Boston Trust Walden Corp now owns 214,147 shares of the industrial products company's stock worth $43,196,000 after buying an additional 106,197 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of UFP Technologies during the fourth quarter valued at approximately $16,808,000. Price T Rowe Associates Inc. MD grew its stake in shares of UFP Technologies by 55.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 178,411 shares of the industrial products company's stock valued at $43,625,000 after buying an additional 63,899 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in shares of UFP Technologies by 508.8% during the fourth quarter. Royal Bank of Canada now owns 69,145 shares of the industrial products company's stock valued at $16,907,000 after buying an additional 57,787 shares during the last quarter. Institutional investors own 87.28% of the company's stock.

Analysts Set New Price Targets

Separately, Lake Street Capital set a $252.00 price objective on UFP Technologies and gave the stock a "buy" rating in a research note on Wednesday, May 7th.

UFP Technologies Price Performance

UFPT traded down $0.80 during trading on Wednesday, reaching $236.87. The company's stock had a trading volume of 7,967 shares, compared to its average volume of 136,577. The company has a quick ratio of 1.45, a current ratio of 2.58 and a debt-to-equity ratio of 0.47. The firm has a fifty day simple moving average of $239.02 and a two-hundred day simple moving average of $233.92. UFP Technologies, Inc. has a 1 year low of $178.26 and a 1 year high of $366.41. The company has a market cap of $1.83 billion, a price-to-earnings ratio of 28.99 and a beta of 1.11.

UFP Technologies (NASDAQ:UFPT - Get Free Report) last released its earnings results on Tuesday, May 6th. The industrial products company reported $2.47 earnings per share for the quarter, topping analysts' consensus estimates of $2.05 by $0.42. UFP Technologies had a net margin of 11.59% and a return on equity of 21.27%. The business had revenue of $148.15 million for the quarter, compared to analyst estimates of $139.93 million.

Insiders Place Their Bets

In other UFP Technologies news, SVP Christopher P. Litterio sold 1,473 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $220.12, for a total value of $324,236.76. Following the transaction, the senior vice president directly owned 12,585 shares of the company's stock, valued at $2,770,210.20. This trade represents a 10.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.40% of the stock is owned by company insiders.

UFP Technologies Company Profile

UFP Technologies, Inc designs and manufactures solutions for medical devices, sterile packaging, and other highly engineered custom products. The company offers protective drapes for robotic surgery, single patient use surfaces, advanced wound care, infection prevention, disposables for surgical and endoscopic procedures, packaging for medical devices, orthopedic implants, biopharma drug manufacturing, and coils for catheters; and molded components for applications in acoustic insulation, interior trim, load floors, sunshades, SUV cargo cover handles, driveshaft damping, engine and manifold covers, quarter panels, and wheel liners.