Raymond James Financial Inc. Sells 27,593 Shares of UFP Technologies, Inc. $UFPT

Key Points

• Raymond James Financial Inc. has reduced its stake in UFP Technologies, Inc. by 40.1%, holding 41,148 shares worth approximately $8.3 million after selling 27,593 shares.
• UFP Technologies recently reported earnings per share of $2.50, exceeding estimates by $0.25, while revenue for the quarter was $151.18 million, slightly below expectations.
• Lake Street Capital has upgraded UFP Technologies' price target from $252.00 to $289.00, with the stock currently holding a consensus rating of "Moderate Buy".

Raymond James Financial Inc. lessened its stake in UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) by 40.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,148 shares of the industrial products company's stock after selling 27,593 shares during the period. Raymond James Financial Inc. owned approximately 0.53% of UFP Technologies worth $8,300,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in UFPT. Tower Research Capital LLC TRC boosted its stake in shares of UFP Technologies by 263.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 922 shares of the industrial products company's stock valued at $225,000 after purchasing an additional 668 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of UFP Technologies by 72.9% in the 4th quarter. Stifel Financial Corp now owns 4,976 shares of the industrial products company's stock valued at $1,217,000 after purchasing an additional 2,098 shares in the last quarter. Northern Trust Corp boosted its stake in shares of UFP Technologies by 8.1% in the 4th quarter. Northern Trust Corp now owns 92,064 shares of the industrial products company's stock valued at $22,511,000 after purchasing an additional 6,873 shares in the last quarter. Algert Global LLC boosted its stake in shares of UFP Technologies by 500.1% in the 4th quarter. Algert Global LLC now owns 4,393 shares of the industrial products company's stock valued at $1,074,000 after purchasing an additional 3,661 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of UFP Technologies by 31.0% in the 4th quarter. BNP Paribas Financial Markets now owns 10,270 shares of the industrial products company's stock valued at $2,511,000 after purchasing an additional 2,428 shares in the last quarter. Hedge funds and other institutional investors own 87.28% of the company's stock.

UFP Technologies Trading Up 2.6%

NASDAQ:UFPT traded up $5.23 during midday trading on Thursday, reaching $208.85. 141,589 shares of the stock traded hands, compared to its average volume of 133,901. The company has a fifty day moving average of $229.62 and a 200 day moving average of $225.57. UFP Technologies, Inc. has a 12 month low of $178.26 and a 12 month high of $366.41. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.53 and a current ratio of 2.77. The stock has a market capitalization of $1.61 billion, a P/E ratio of 24.20 and a beta of 1.20.

UFP Technologies (NASDAQ:UFPT - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The industrial products company reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $2.25 by $0.25. UFP Technologies had a net margin of 11.40% and a return on equity of 21.54%. The company had revenue of $151.18 million during the quarter, compared to analyst estimates of $151.55 million. During the same period in the prior year, the business posted $1.86 EPS. The firm's revenue was up 37.2% compared to the same quarter last year.

Wall Street Analyst Weigh In

Separately, Lake Street Capital upped their price objective on shares of UFP Technologies from $252.00 to $289.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $289.00.

UFP Technologies 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.