NorthCrest Asset Manangement LLC Sells 3,509 Shares of UFP Industries, Inc. $UFPI

Key Points

• NorthCrest Asset Management LLC has reduced its stake in UFP Industries, Inc. by 19.2%, now holding 14,800 shares valued at approximately $1.57 million.
• UFP Industries reported a missed earnings per share estimate of $1.70, falling short of the consensus estimate of $1.95 for the quarter ending July 28th.
• The company recently announced a quarterly dividend of $0.35 per share, resulting in an annualized yield of 1.5% and a payout ratio of 24.31%.

NorthCrest Asset Manangement LLC cut its holdings in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 19.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,800 shares of the construction company's stock after selling 3,509 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in UFP Industries were worth $1,565,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC lifted its position in UFP Industries by 17.9% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,751,399 shares of the construction company's stock valued at $401,550,000 after purchasing an additional 568,741 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of UFP Industries by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,917,463 shares of the construction company's stock valued at $205,237,000 after acquiring an additional 25,903 shares during the last quarter. Boston Partners grew 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 worth $157,270,000 after acquiring an additional 797,069 shares in the last quarter. Northern Trust Corp grew 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 worth $120,874,000 after acquiring an additional 18,097 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in UFP Industries by 14.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,051,613 shares of the construction company's stock worth $112,112,000 after acquiring an additional 132,595 shares during the last quarter. Hedge funds and other institutional investors own 81.81% of the company's stock.

UFP Industries Trading Down 0.1%

Shares of UFPI stock traded down $0.06 on Monday, reaching $95.26. 210,605 shares of the company's stock were exchanged, compared to its average volume of 426,512. The company's fifty day simple moving average is $101.27 and its 200 day simple moving average is $102.18. UFP Industries, Inc. has a 52 week low of $93.00 and a 52 week high of $141.33. The company has a current ratio of 4.54, a quick ratio of 3.16 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $5.58 billion, a PE ratio of 16.54 and a beta of 1.47.

UFP Industries (NASDAQ:UFPI - Get Free Report) last released its earnings results on Monday, July 28th. The construction company reported $1.70 earnings per share for the quarter, missing analysts' consensus estimates of $1.95 by ($0.25). UFP Industries had a return on equity of 10.95% and a net margin of 5.31%.The business had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.85 billion. During the same quarter in the previous year, the business earned $2.05 EPS. The business's revenue for the quarter was down 3.5% on a year-over-year basis. As a group, analysts forecast that UFP Industries, Inc. will post 7.08 EPS for the current year.

UFP Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 1st were issued a dividend of $0.35 per share. The ex-dividend date was Friday, August 29th. This represents a $1.40 dividend on an annualized basis and a yield of 1.5%. UFP Industries's dividend payout ratio (DPR) is presently 24.31%.

Wall Street Analyst Weigh In

UFPI has been the subject of several analyst reports. Loop Capital initiated coverage on UFP Industries in a research note on Wednesday, July 23rd. They issued a "hold" rating and a $112.00 price objective for the company. Zacks Research lowered UFP Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 19th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $134.00.

UFP Industries Company Profile

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.