Wedge Capital Management L L P NC Increases Stake in UFP Industries, Inc. $UFPI

Key Points

• Wedge Capital Management L L P NC increased its holdings in UFP Industries by 27.3% during the 2nd quarter, adding 15,449 shares to own approximately 0.12% of the company.
• UFP Industries reported a miss in quarterly earnings with EPS of $1.70, falling short of the $1.95 consensus estimate, and experienced a 3.5% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.35, representing a 1.5% yield, and has a dividend payout ratio of 24.31%.

Wedge Capital Management L L P NC lifted its position in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 27.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 71,999 shares of the construction company's stock after buying an additional 15,449 shares during the quarter. Wedge Capital Management L L P NC owned about 0.12% of UFP Industries worth $7,154,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Putney Financial Group LLC acquired a new position in UFP Industries during the 4th quarter valued at $30,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of UFP Industries in the 1st quarter worth about $36,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of UFP Industries by 39.9% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 417 shares of the construction company's stock worth $45,000 after purchasing an additional 119 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of UFP Industries by 182.1% in the 1st quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock worth $61,000 after purchasing an additional 366 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in UFP Industries by 222.5% during the 1st quarter. Signaturefd LLC now owns 816 shares of the construction company's stock worth $87,000 after acquiring an additional 563 shares during the last quarter. 81.81% of the stock is currently owned by institutional investors and hedge funds.

UFP Industries Stock Down 0.8%

Shares of UFPI traded down $0.78 during mid-day trading on Tuesday, hitting $94.42. 165,764 shares of the company's stock were exchanged, compared to its average volume of 426,197. The company has a market cap of $5.53 billion, a PE ratio of 16.36 and a beta of 1.47. UFP Industries, Inc. has a 52 week low of $93.00 and a 52 week high of $141.33. The company has a 50-day simple moving average of $101.08 and a 200 day simple moving average of $102.08. 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 (NASDAQ:UFPI - Get Free Report) last released its earnings results on Monday, July 28th. The construction company reported $1.70 earnings per share 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 the consensus estimate of $1.85 billion. During the same period in the prior year, the business posted $2.05 earnings per share. UFP Industries's quarterly revenue was down 3.5% compared to the same quarter last year. On average, research analysts forecast that UFP Industries, Inc. will post 7.08 earnings per share for the current fiscal year.

UFP Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 1st were issued a $0.35 dividend. The ex-dividend date was Friday, August 29th. This represents a $1.40 annualized dividend and a yield of 1.5%. UFP Industries's dividend payout ratio is presently 24.31%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Loop Capital assumed 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 shares of UFP Industries from a "hold" rating to a "strong sell" rating in a report 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $134.00.

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.