UFP Technologies, Inc. $UFPT Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America initiated a position in UFP Technologies during the second quarter, buying 60,312 shares valued at approximately $15.99 million, or 0.78% of the company. Institutional investors collectively own 87.28% of UFPT.
• UFP Technologies reported strong quarterly results, with EPS of $2.92 versus the $2.31 consensus and revenue of $173.96 million, above the $159.38 million estimate.
• Shares opened at $298.48, up 3.9%, while insiders have sold 25,919 shares worth $8.17 million over the past 90 days. Analysts maintain an overall “Hold” rating, despite one recent upgrade to “Buy.”

Bank of America Corp DE bought a new stake in shares of UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 60,312 shares of the industrial products company's stock, valued at approximately $15,991,000. Bank of America Corp DE owned about 0.78% of UFP Technologies as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Jupiter Topco LLC bought a new stake in shares of UFP Technologies in the second quarter worth $882,000. EFG International AG bought a new position in UFP Technologies in the 2nd quarter worth approximately $3,971,000. Legal & General Group Plc purchased a new stake in UFP Technologies in the 2nd quarter worth $4,778,000. The Manufacturers Life Insurance Company purchased a new stake in UFP Technologies in the 2nd quarter worth $989,000. Finally, Ranger Investment Management L.P. bought a new position in shares of UFP Technologies during the 2nd quarter valued at about $9,553,000. 87.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at UFP Technologies

In other UFP Technologies news, Director Marc Kozin sold 7,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $304.50, for a total transaction of $2,131,500.00. Following the sale, the director owned 21,112 shares of the company's stock, valued at approximately $6,428,604. This trade represents a 24.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Symeria Hudson sold 1,926 shares of UFP Technologies stock in a transaction on Friday, August 14th. The shares were sold at an average price of $324.58, for a total value of $625,141.08. Following the completion of the transaction, the director owned 1,225 shares in the company, valued at $397,610.50. This represents a 61.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 25,919 shares of company stock valued at $8,173,084 in the last ninety days. Company insiders own 4.59% of the company's stock.

UFP Technologies Stock Up 3.9%

Shares of NASDAQ UFPT opened at $298.48 on Friday. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of 32.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.72 and a current ratio of 3.00. UFP Technologies, Inc. has a 52-week low of $173.86 and a 52-week high of $338.71. The stock has a 50 day moving average price of $287.06 and a 200 day moving average price of $243.11.

UFP Technologies (NASDAQ:UFPT - Get Free Report) last posted its earnings results on Monday, August 3rd. The industrial products company reported $2.92 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.61. UFP Technologies had a net margin of 11.45% and a return on equity of 18.42%. The business had revenue of $173.96 million for the quarter, compared to the consensus estimate of $159.38 million. Sell-side analysts expect that UFP Technologies, Inc. will post 10.54 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Weiss Ratings upgraded UFP Technologies from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded UFP Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of "Hold".

About UFP Technologies

UFP Technologies, Inc is a designer and contract manufacturer of comprehensive solutions for the medical device industry. The company works with medical technology companies to develop and produce components, subassemblies, finished devices, and sterile or non-sterile packaging used in surgical, diagnostic, therapeutic, and other healthcare applications.

Its capabilities include product development and engineering, precision machining, injection molding, thermoforming, textile fabrication, bonding, assembly, and packaging.

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