Royal Bank of Canada Raises Holdings in UFP Technologies, Inc. $UFPT

Key Points

• The Royal Bank of Canada increased its stake in UFP Technologies, Inc. by 35.9%, acquiring an additional 24,825 shares and bringing its ownership to 93,970 shares valued at approximately $18.96 million.
• UFP Technologies reported earnings of $2.50 per share, exceeding analyst expectations, with a quarterly revenue increase of 37.2% year-over-year.
• Analysts have set a new target price for UFP Technologies at $289.00, with a consensus rating of "Moderate Buy" from the market.

Royal Bank of Canada grew its position in shares of UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) by 35.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 93,970 shares of the industrial products company's stock after acquiring an additional 24,825 shares during the period. Royal Bank of Canada owned about 1.22% of UFP Technologies worth $18,955,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State of Wyoming grew its holdings in shares of UFP Technologies by 34.7% during the 1st quarter. State of Wyoming now owns 365 shares of the industrial products company's stock worth $74,000 after acquiring an additional 94 shares during the period. Lazard Asset Management LLC purchased a new position in shares of UFP Technologies during the 4th quarter worth approximately $84,000. Park Square Financial Group LLC purchased a new position in shares of UFP Technologies during the 4th quarter worth approximately $107,000. CreativeOne Wealth LLC purchased a new position in shares of UFP Technologies during the 1st quarter worth approximately $203,000. Finally, Dakota Wealth Management purchased a new position in shares of UFP Technologies during the 1st quarter worth approximately $204,000. Hedge funds and other institutional investors own 87.28% of the company's stock.

UFP Technologies Stock Down 1.0%

Shares of UFP Technologies stock traded down $2.05 during midday trading on Friday, hitting $199.32. The company had a trading volume of 149,860 shares, compared to its average volume of 94,124. 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 $1.54 billion, a P/E ratio of 23.10 and a beta of 1.20. The company has a 50 day moving average of $223.21 and a 200 day moving average of $222.91. UFP Technologies, Inc. has a 52-week low of $178.26 and a 52-week high of $366.41.

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

Analyst Ratings Changes

Separately, Lake Street Capital upped their target price on UFP Technologies from $252.00 to $289.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $289.00.

UFP Technologies Company 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.