T. Rowe Price Investment Management Inc. Sells 806,228 Shares of UFP Industries, Inc. $UFPI

Key Points

• T. Rowe Price Investment Management Inc. sold 806,228 shares of UFP Industries, reducing its holdings by 52.1%, leaving it with approximately 740,517 shares worth $79.27 million.
• UFP Industries reported a missed earnings estimate for the last quarter, with $1.70 EPS compared to expectations of $1.95 EPS, marking a 3.5% decline in revenue from the previous year.
• The company declared a $0.35 quarterly dividend, which will be distributed to shareholders on September 15th, representing an annual yield of 1.3%.

T. Rowe Price Investment Management Inc. decreased its position in shares of UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 52.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 740,517 shares of the construction company's stock after selling 806,228 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 1.23% of UFP Industries worth $79,265,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of UFP Industries by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,917,463 shares of the construction company's stock worth $205,237,000 after purchasing an additional 25,903 shares in the last quarter. Boston Partners boosted its position in UFP Industries by 118.6% during 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 during the last quarter. Northern Trust Corp boosted its holdings 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 valued at $120,874,000 after purchasing an additional 18,097 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of 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. Finally, Royce & Associates LP raised its stake in shares of UFP Industries by 10.9% during the first quarter. Royce & Associates LP now owns 697,311 shares of the construction company's stock worth $74,640,000 after purchasing an additional 68,742 shares during the last quarter. 81.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

UFPI has been the topic of several recent analyst reports. Loop Capital began coverage on shares of UFP Industries in a research report on Wednesday, July 23rd. They set a "hold" rating and a $112.00 target price on the stock. Zacks Research downgraded UFP Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 19th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, UFP Industries presently has a consensus rating of "Hold" and a consensus target price of $134.00.

UFP Industries Stock Performance

UFP Industries stock traded down $1.91 during trading hours on Thursday, hitting $101.38. The stock had a trading volume of 165,071 shares, compared to its average volume of 430,037. The company has a market cap of $5.94 billion, a PE ratio of 17.64 and a beta of 1.43. The company has a 50-day moving average of $102.11 and a two-hundred day moving average of $103.52. The company has a quick ratio of 3.16, a current ratio of 4.54 and a debt-to-equity ratio of 0.07. UFP Industries, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $141.33.

UFP Industries (NASDAQ:UFPI - Get Free Report) last released its 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 firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same period last year, the business posted $2.05 earnings per share. The firm's quarterly revenue was down 3.5% on a year-over-year basis. On average, equities research analysts anticipate that UFP Industries, Inc. will post 7.08 EPS for the current fiscal year.

UFP Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, August 29th. UFP Industries's payout ratio is currently 24.31%.

UFP Industries 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.