Bank of America Corp DE Decreases Stake in UFP Technologies, Inc. (NASDAQ:UFPT)

Bank of America Corp DE reduced its position in shares of UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) by 23.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,587 shares of the industrial products company's stock after selling 4,221 shares during the period. Bank of America Corp DE owned about 0.18% of UFP Technologies worth $3,322,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in UFPT. AlphaQuest LLC acquired a new position in UFP Technologies in the fourth quarter valued at approximately $25,000. Johnson Financial Group Inc. purchased a new stake in shares of UFP Technologies during the 4th quarter valued at $42,000. Venturi Wealth Management LLC purchased a new stake in shares of UFP Technologies during the 4th quarter valued at $74,000. EverSource Wealth Advisors LLC increased its holdings in UFP Technologies by 24.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 333 shares of the industrial products company's stock worth $81,000 after acquiring an additional 66 shares during the last quarter. Finally, KBC Group NV increased its holdings in UFP Technologies by 37.9% in the 4th quarter. KBC Group NV now owns 375 shares of the industrial products company's stock worth $92,000 after acquiring an additional 103 shares during the last quarter. 87.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on UFPT. Raymond James began coverage on UFP Technologies in a research note on Friday, March 28th. They issued a "market perform" rating for the company. Lake Street Capital set a $252.00 target price on UFP Technologies and gave the stock a "buy" rating in a research note on Wednesday, May 7th.

Insider Activity

In related news, SVP Christopher P. Litterio sold 1,473 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $220.12, for a total value of $324,236.76. Following the completion of the sale, the senior vice president now owns 12,585 shares in the company, valued at $2,770,210.20. The trade was a 10.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.40% of the company's stock.

UFP Technologies Price Performance

Shares of UFPT traded down $2.00 during trading hours on Monday, reaching $232.20. 559,367 shares of the company's stock traded hands, compared to its average volume of 92,208. The stock has a market cap of $1.79 billion, a PE ratio of 33.12 and a beta of 1.10. The company has a current ratio of 2.57, a quick ratio of 1.43 and a debt-to-equity ratio of 0.64. The firm's 50 day simple moving average is $216.66 and its 200-day simple moving average is $243.31. UFP Technologies, Inc. has a 12 month low of $178.26 and a 12 month high of $366.41.

UFP Technologies (NASDAQ:UFPT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.42. The firm had revenue of $148.15 million during the quarter, compared to the consensus estimate of $139.93 million. UFP Technologies had a return on equity of 18.92% and a net margin of 11.74%.

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.