Raymond James Financial Inc. Purchases 50,762 Shares of UFP Industries, Inc. $UFPI

Key Points

• Raymond James Financial Inc. increased its holdings in UFP Industries, Inc. by 18.8%, purchasing an additional 50,762 shares, bringing its total ownership to 321,133 shares valued at approximately $34.37 million.
• UFP Industries reported a quarterly earnings per share (EPS) of $1.70, missing estimates by $0.25, along with a 3.5% decline in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.35 per share, with a yield of 1.3%, to be paid on September 15th to investors of record as of September 1st.

Raymond James Financial Inc. increased its position in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 18.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,133 shares of the construction company's stock after purchasing an additional 50,762 shares during the period. Raymond James Financial Inc. owned approximately 0.53% of UFP Industries worth $34,374,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in UFP Industries by 107.5% in the 1st quarter. GAMMA Investing LLC now owns 1,500 shares of the construction company's stock worth $161,000 after purchasing an additional 777 shares in the last quarter. KBC Group NV lifted its stake in UFP Industries by 15.8% during the 1st quarter. KBC Group NV now owns 2,836 shares of the construction company's stock valued at $304,000 after acquiring an additional 386 shares during the period. Oppenheimer Asset Management Inc. bought a new position in UFP Industries during the 1st quarter valued at about $1,534,000. Park Avenue Securities LLC lifted its stake in UFP Industries by 6.5% during the 1st quarter. Park Avenue Securities LLC now owns 2,221 shares of the construction company's stock valued at $238,000 after acquiring an additional 136 shares during the period. Finally, State of Alaska Department of Revenue lifted its stake in UFP Industries by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 7,115 shares of the construction company's stock valued at $761,000 after acquiring an additional 190 shares during the period. Institutional investors own 81.81% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on UFPI shares. Loop Capital started coverage on shares of UFP Industries in a research note on Wednesday, July 23rd. They set a "hold" rating and a $112.00 target price on the stock. Zacks Research cut shares of UFP Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 19th. Two equities 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.com, UFP Industries presently has a consensus rating of "Hold" and a consensus price target of $134.00.

UFP Industries Price Performance

NASDAQ UFPI opened at $107.08 on Friday. UFP Industries, Inc. has a 52 week low of $93.00 and a 52 week high of $141.33. The firm has a market capitalization of $6.27 billion, a P/E ratio of 18.59 and a beta of 1.43. The company has a quick ratio of 3.16, a current ratio of 4.54 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average price of $101.56 and a 200-day moving average price of $103.67.

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

UFP Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, August 29th. UFP Industries's dividend payout ratio is currently 24.31%.

About UFP Industries

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.

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