Victory Capital Management Inc. Sells 28,307 Shares of UFP Technologies, Inc. (NASDAQ:UFPT)

Key Points

• Victory Capital Management Inc. reduced its stake in UFP Technologies by 88.3%, selling 28,307 shares, and now holds 3,751 shares valued at approximately $757,000.
• UFP Technologies reported a quarterly earnings per share of $2.47, exceeding estimates by $0.42, with revenue of $148.15 million compared to expectations of $139.93 million.
• Analyst ratings include a "buy" recommendation from Lake Street Capital, who set a price target of $252.00 for UFP Technologies shares.

Victory Capital Management Inc. lowered its position in UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) by 88.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,751 shares of the industrial products company's stock after selling 28,307 shares during the quarter. Victory Capital Management Inc.'s holdings in UFP Technologies were worth $757,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of UFPT. Johnson Financial Group Inc. acquired a new stake in shares of UFP Technologies in the 4th quarter valued at $42,000. Lazard Asset Management LLC bought a new stake in shares of UFP Technologies in the fourth quarter valued at about $84,000. Park Square Financial Group LLC bought a new stake in UFP Technologies during the fourth quarter worth about $107,000. Canada Pension Plan Investment Board raised its stake in UFP Technologies by 25.0% in the fourth quarter. Canada Pension Plan Investment Board now owns 500 shares of the industrial products company's stock valued at $122,000 after buying an additional 100 shares during the period. Finally, Dakota Wealth Management bought a new stake in UFP Technologies in the first quarter valued at approximately $204,000. Institutional investors own 87.28% of the company's stock.

Analyst Ratings Changes

Separately, 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.

UFP Technologies Stock Up 11.6%

Shares of UFPT traded up $26.35 during trading hours on Tuesday, hitting $252.62. The stock had a trading volume of 127,602 shares, compared to its average volume of 136,050. The firm has a market capitalization of $1.95 billion, a P/E ratio of 31.01 and a beta of 1.14. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.58 and a quick ratio of 1.45. UFP Technologies, Inc. has a 1-year low of $178.26 and a 1-year high of $366.41. The firm has a 50 day simple moving average of $238.61 and a 200-day simple moving average of $233.02.

UFP Technologies (NASDAQ:UFPT - Get Free Report) last posted its earnings results on Monday, August 4th. The industrial products company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.25 by $0.25. UFP Technologies had a net margin of 11.59% and a return on equity of 21.27%. The firm had revenue of $151.18 million for the quarter, compared to analysts' expectations of $151.55 million. During the same quarter last year, the firm earned $1.86 EPS. The company's quarterly revenue was up 37.2% compared to the same quarter last year.

Insider Activity

In related news, SVP Christopher P. Litterio sold 1,473 shares of the stock in a transaction 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 sale, the senior vice president owned 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 the SEC website. 4.40% of the stock is currently owned by corporate insiders.

UFP Technologies Company Profile

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.