Assenagon Asset Management S.A. Cuts Stake in UFP Technologies, Inc. (NASDAQ:UFPT)

Assenagon Asset Management S.A. trimmed its holdings in UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) by 94.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,060 shares of the industrial products company's stock after selling 37,244 shares during the quarter. Assenagon Asset Management S.A.'s holdings in UFP Technologies were worth $416,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. AlphaQuest LLC bought a new position in shares of UFP Technologies during the 4th quarter valued at approximately $25,000. Johnson Financial Group Inc. bought a new position in shares of UFP Technologies during the 4th quarter valued at approximately $42,000. Venturi Wealth Management LLC bought a new position in shares of UFP Technologies during the 4th quarter valued at approximately $74,000. EverSource Wealth Advisors LLC boosted its position in shares of UFP Technologies by 24.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 333 shares of the industrial products company's stock valued at $81,000 after acquiring an additional 66 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of UFP Technologies during the 4th quarter valued at approximately $84,000. 87.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Raymond James Financial assumed coverage on UFP Technologies in a research report on Friday, March 28th. They set a "market perform" rating for the company. Lake Street Capital set a $252.00 price target on UFP Technologies and gave the company a "buy" rating in a report on Wednesday, May 7th.

UFP Technologies Trading Down 0.7%

UFPT stock traded down $1.54 during midday trading on Monday, reaching $233.14. The company's stock had a trading volume of 121,446 shares, compared to its average volume of 105,884. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.45 and a current ratio of 2.58. The stock has a fifty day simple moving average of $227.90 and a two-hundred day simple moving average of $235.94. UFP Technologies, Inc. has a 1 year low of $178.26 and a 1 year high of $366.41. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 28.54 and a beta of 1.12.

UFP Technologies (NASDAQ:UFPT - Get Free Report) last released its earnings results on Tuesday, May 6th. The industrial products company reported $2.47 earnings per share for the quarter, topping analysts' consensus estimates of $2.05 by $0.42. UFP Technologies had a return on equity of 21.27% and a net margin of 11.59%. The business had revenue of $148.15 million for the quarter, compared to analyst estimates of $139.93 million.

Insiders Place Their Bets

In other news, SVP Christopher P. Litterio sold 1,473 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $220.12, for a total transaction of $324,236.76. Following the transaction, the senior vice president now owns 12,585 shares in the company, valued at approximately $2,770,210.20. This trade represents a 10.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.40% of the company's stock.

About UFP Technologies

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.