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. lessened its holdings in shares of UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 52.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 about 1.23% of UFP Industries worth $79,265,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of UFPI. Boston Partners boosted its position in shares of UFP Industries by 118.6% during the 1st quarter. Boston Partners now owns 1,469,300 shares of the construction company's stock valued at $157,270,000 after acquiring an additional 797,069 shares during the last quarter. Nuveen LLC bought a new stake in shares of UFP Industries during the 1st quarter valued at about $18,224,000. GAMMA Investing LLC boosted its position in shares of UFP Industries by 22,107.5% during the 1st quarter. GAMMA Investing LLC now owns 160,560 shares of the construction company's stock valued at $17,186,000 after acquiring an additional 159,837 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of UFP Industries by 14.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,051,613 shares of the construction company's stock valued at $112,112,000 after acquiring an additional 132,595 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of UFP Industries by 9.7% during the 4th quarter. Northern Trust Corp now owns 1,111,147 shares of the construction company's stock valued at $125,171,000 after acquiring an additional 98,533 shares during the last quarter. Institutional investors own 81.81% of the company's stock.

UFP Industries Stock Up 7.5%

Shares of UFPI opened at $107.08 on Friday. The firm has a market cap of $6.27 billion, a P/E ratio of 18.59 and a beta of 1.43. The stock has a 50 day simple moving average of $101.56 and a two-hundred day simple moving average of $103.76. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.54 and a quick ratio of 3.16. UFP Industries, Inc. has a 1 year low of $93.00 and a 1 year high of $141.33.

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

UFP Industries Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on UFPI. Loop Capital assumed coverage on UFP Industries in a research report on Wednesday, July 23rd. They set a "hold" rating and a $112.00 price target for the company. Zacks Research lowered UFP Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $134.00.

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.

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