Norges Bank Takes $75.18 Million Position in UFP Industries, Inc. $UFPI

Key Points

• Norges Bank disclosed a new position in UFP Industries, buying 825,736 shares worth about $75.18 million, giving it roughly 1.42% ownership of the company.
• UFP Industries reported Q1 earnings below expectations, with EPS of $0.89 versus the $1.15 estimate and revenue of $1.46 billion versus $1.51 billion expected; revenue also fell 8.4% year over year.
• The company announced a quarterly dividend of $0.36 per share, payable June 15, and the stock currently offers a 1.8% dividend yield.

Norges Bank purchased a new stake in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 825,736 shares of the construction company's stock, valued at approximately $75,183,000. Norges Bank owned about 1.42% of UFP Industries as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Geneos Wealth Management Inc. lifted its stake 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 valued at $32,000 after acquiring an additional 114 shares during the last quarter. Signaturefd LLC lifted its stake in shares of 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. Danske Bank A S lifted its stake in shares of 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. IFP Advisors Inc lifted its stake in shares of UFP Industries by 84.8% in the 4th quarter. IFP Advisors Inc now owns 414 shares of the construction company's stock valued at $38,000 after acquiring an additional 190 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of UFP Industries by 648.3% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 434 shares of the construction company's stock valued at $41,000 after acquiring an additional 376 shares during the last quarter. 81.81% of the stock is currently owned by institutional investors.

UFP Industries Stock Down 0.1%

Shares of NASDAQ:UFPI opened at $80.10 on Friday. The firm has a market cap of $4.52 billion, a P/E ratio of 17.49 and a beta of 1.24. The company has a quick ratio of 3.07, a current ratio of 4.64 and a debt-to-equity ratio of 0.07. UFP Industries, Inc. has a 12-month low of $77.89 and a 12-month high of $118.00. The business has a fifty day simple moving average of $87.70 and a 200 day simple moving average of $94.60.

UFP Industries (NASDAQ:UFPI - Get Free Report) last announced its earnings results 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). The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.51 billion. UFP Industries had a return on equity of 8.50% and a net margin of 4.31%.The firm's revenue for the quarter was down 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.30 earnings per share. Analysts predict that UFP Industries, Inc. will post 4.6 earnings per share for the current year.

UFP Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.36 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.44 annualized dividend and a dividend yield of 1.8%. UFP Industries's dividend payout ratio (DPR) is 31.44%.

Analysts Set New Price Targets

A number of research analysts have recently commented on UFPI shares. Weiss Ratings cut UFP Industries from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday. Benchmark dropped their price target on UFP Industries from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Stifel Nicolaus dropped their price target on UFP Industries from $100.00 to $87.00 and set a "hold" rating for the company in a research note on Monday, May 11th. DA Davidson dropped 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. Finally, BMO Capital Markets raised 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. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $105.40.

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.

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