UFP Industries, Inc. $UFPI Stock Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its UFP Industries stake by 28% in the third quarter, selling 298,951 shares; it retained 768,172 shares, valued at about $59.2 million.
• UFP reported quarterly EPS of $1.05, below analysts’ $1.20 estimate, while revenue of $1.73 billion topped expectations of $1.60 billion.
• Analysts’ consensus rating was Hold, with an average price target of $103.25. The company also announced a quarterly dividend of $0.36 per share.

Allspring Global Investments Holdings LLC trimmed its position in shares of UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 28.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 768,172 shares of the construction company's stock after selling 298,951 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.39% of UFP Industries worth $59,211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Heritage Family Offices LLP bought a new stake in shares of UFP Industries during the 3rd quarter valued at about $79,000. Covestor Ltd grew its position in UFP Industries by 32.2% during the third quarter. Covestor Ltd now owns 1,059 shares of the construction company's stock valued at $82,000 after buying an additional 258 shares during the period. Markel Group Inc. increased its holdings in UFP Industries by 250.0% during the third quarter. Markel Group Inc. now owns 14,000 shares of the construction company's stock valued at $1,081,000 after buying an additional 10,000 shares during the last quarter. Bridge City Capital LLC increased its holdings in UFP Industries by 46.3% during the third quarter. Bridge City Capital LLC now owns 50,384 shares of the construction company's stock valued at $3,891,000 after buying an additional 15,944 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in UFP Industries during the third quarter valued at approximately $27,000. 81.81% of the stock is currently owned by hedge funds and other institutional investors.

UFP Industries Stock Performance

NASDAQ:UFPI opened at $80.79 on Wednesday. The company has a current ratio of 3.86, a quick ratio of 2.58 and a debt-to-equity ratio of 0.07. UFP Industries, Inc. has a 12-month low of $73.72 and a 12-month high of $118.00. The stock has a 50-day moving average price of $80.11 and a 200 day moving average price of $88.85. The stock has a market capitalization of $4.41 billion, a P/E ratio of 19.61 and a beta of 1.14.

UFP Industries (NASDAQ:UFPI - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The construction company reported $1.05 EPS for the quarter, missing analysts' consensus estimates of $1.20 by ($0.15). UFP Industries had a return on equity of 7.53% and a net margin of 3.61%. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.60 billion. Equities research analysts forecast that UFP Industries, Inc. will post 4.18 EPS for the current fiscal year.

UFP Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.36 per share. The ex-dividend date is Tuesday, December 1st. This represents a $1.44 annualized dividend and a dividend yield of 1.8%. UFP Industries's dividend payout ratio (DPR) is presently 34.95%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on UFPI. Zacks Research lowered UFP Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, November 3rd. DA Davidson reaffirmed a "buy" rating and issued a $105.00 target price on shares of UFP Industries in a report on Tuesday, October 27th. Oppenheimer started coverage on UFP Industries in a research report on Wednesday, September 30th. They set a "market perform" rating on the stock. Stifel Nicolaus set a $85.00 price target on UFP Industries and gave the company a "hold" rating in a report on Monday, October 26th. Finally, Weiss Ratings cut UFP Industries from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, October 12th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, UFP Industries currently has a consensus rating of "Hold" and an average price target of $103.25.

UFP Industries Profile

UFP Industries, Inc. is a manufacturer and distributor of wood and other materials used in construction, packaging and retail products. Founded in 1955 as Universal Forest Products, the company adopted its current name in 2020. Its businesses supply products such as lumber, decking and other outdoor-living materials; pallets, crates and custom industrial packaging; and components for residential and commercial construction. UFP also serves customers in manufactured housing and other building-related markets.

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