Oppenheimer Asset Management Inc. Acquires Shares of 16,369 UFP Industries, Inc. $UFPI

Key Points

• Oppenheimer Asset Management acquired 16,369 shares of UFP Industries worth approximately $1.49 million. Institutional investors collectively own 81.81% of the company, with several major funds recently increasing their positions.
• UFP Industries exceeded quarterly expectations, reporting $1.48 in EPS versus the $1.37 consensus estimate and $1.88 billion in revenue versus the $1.79 billion forecast.
• The company declared a quarterly dividend of $0.36 per share, equivalent to an annualized $1.44 payout and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $103.75.

Oppenheimer Asset Management Inc. bought a new position in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 16,369 shares of the construction company's stock, valued at approximately $1,485,000.

Several other large investors have also recently modified their holdings of the stock. Norges Bank bought a new stake in UFP Industries during the 4th quarter valued at about $75,183,000. Wasatch Advisors LP grew its holdings in shares of UFP Industries by 32.9% during the first quarter. Wasatch Advisors LP now owns 2,037,908 shares of the construction company's stock valued at $187,732,000 after buying an additional 504,609 shares during the last quarter. River Road Asset Management LLC grew its holdings in shares of UFP Industries by 64.1% during the fourth quarter. River Road Asset Management LLC now owns 879,935 shares of the construction company's stock valued at $80,118,000 after buying an additional 343,830 shares during the last quarter. Millennium Management LLC increased its position in shares of UFP Industries by 209.9% during the third quarter. Millennium Management LLC now owns 425,336 shares of the construction company's stock valued at $39,765,000 after acquiring an additional 288,093 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in UFP Industries by 2,178.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 213,320 shares of the construction company's stock worth $19,423,000 after acquiring an additional 203,957 shares during the last quarter. Hedge funds and other institutional investors own 81.81% of the company's stock.

UFP Industries Stock Performance

UFP Industries stock opened at $89.87 on Monday. 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 $4.96 billion, a P/E ratio of 20.61 and a beta of 1.23. The company has a quick ratio of 2.64, a current ratio of 3.98 and a debt-to-equity ratio of 0.07. The business has a 50-day simple moving average of $87.58 and a two-hundred day simple moving average of $91.92.

UFP Industries (NASDAQ:UFPI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The construction company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.11. The firm had revenue of $1.88 billion for the quarter, compared to analysts' expectations of $1.79 billion. UFP Industries had a net margin of 3.99% and a return on equity of 8.00%. Analysts predict that UFP Industries, Inc. will post 4.56 EPS for the current year.

UFP Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 1st. UFP Industries's dividend payout ratio is currently 33.03%.

Analysts Set New Price Targets

UFPI has been the topic of several analyst reports. BMO Capital Markets raised UFP Industries from a "market perform" rating to an "outperform" rating and set a $108.00 price objective on the stock in a research report on Tuesday, May 5th. Benchmark lowered their target price on shares of UFP Industries from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Stifel Nicolaus reduced their price target on shares of 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 lowered their price objective on shares of UFP Industries from $110.00 to $105.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Finally, Weiss Ratings raised UFP Industries from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, UFP Industries currently has an average rating of "Moderate Buy" and an average price target of $103.75.

UFP Industries Profile

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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