Wasatch Advisors LP Sells 643,568 Shares of UFP Industries, Inc. $UFPI

Key Points

• Wasatch Advisors reduced its UFP Industries stake by 31.6%, selling 643,568 shares in the second quarter and retaining 1.39 million shares valued at approximately $126.5 million. Institutional investors collectively own 81.81% of the company.
• UFP Industries exceeded quarterly expectations, reporting $1.48 in EPS versus the $1.37 estimate and revenue of $1.88 billion versus the $1.79 billion consensus forecast.
• The company declared a quarterly dividend of $0.36 per share, equivalent to $1.44 annually and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $103.75.

Wasatch Advisors LP trimmed its position in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 31.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,394,340 shares of the construction company's stock after selling 643,568 shares during the quarter. Wasatch Advisors LP owned about 2.47% of UFP Industries worth $126,522,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Confluence Investment Management LLC grew its stake in UFP Industries by 26.0% in the 2nd quarter. Confluence Investment Management LLC now owns 16,254 shares of the construction company's stock valued at $1,475,000 after buying an additional 3,354 shares during the last quarter. Empowered Funds LLC lifted its position in UFP Industries by 198.8% during the 1st quarter. Empowered Funds LLC now owns 6,164 shares of the construction company's stock worth $568,000 after acquiring an additional 4,101 shares during the last quarter. NewEdge Advisors LLC lifted its position in UFP Industries by 16.5% during the 1st quarter. NewEdge Advisors LLC now owns 4,984 shares of the construction company's stock worth $459,000 after acquiring an additional 706 shares during the last quarter. Edgestream Partners L.P. bought a new stake in UFP Industries during the first quarter valued at about $713,000. Finally, California State Teachers Retirement System boosted its holdings in UFP Industries by 18.5% during the first quarter. California State Teachers Retirement System now owns 65,318 shares of the construction company's stock valued at $6,017,000 after acquiring an additional 10,207 shares during the period. 81.81% of the stock is owned by institutional investors.

UFP Industries Stock Performance

NASDAQ UFPI opened at $92.82 on Wednesday. The company's fifty day moving average is $86.93 and its two-hundred day moving average is $92.23. UFP Industries, Inc. has a 52-week low of $77.89 and a 52-week high of $118.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.98 and a quick ratio of 2.64. The firm has a market capitalization of $5.12 billion, a price-to-earnings ratio of 21.29 and a beta of 1.23.

UFP Industries (NASDAQ:UFPI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The construction company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.11. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.79 billion. UFP Industries had a return on equity of 8.00% and a net margin of 3.99%. Equities research analysts forecast that UFP Industries, Inc. will post 4.56 EPS for the current year.

UFP Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Tuesday, September 1st. UFP Industries's payout ratio is 33.03%.

Analyst Ratings Changes

A number of research firms have recently commented on UFPI. DA Davidson dropped their price objective on UFP Industries from $110.00 to $105.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. BMO Capital Markets upgraded UFP Industries from a "market perform" rating to an "outperform" rating and set a $108.00 target price for the company in a research note on Tuesday, May 5th. Stifel Nicolaus lowered their target price on UFP Industries from $100.00 to $87.00 and set a "hold" rating on the stock in a report on Monday, May 11th. Zacks Research raised UFP Industries from a "strong sell" rating to a "hold" rating in a research report on Friday, July 31st. Finally, Weiss Ratings upgraded UFP Industries from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, August 6th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $103.75.

UFP Industries Company Profile

UFP Industries, Inc, founded in 1955 and headquartered in Grand Rapids, Michigan, designs, manufactures, and distributes a broad range of wood and wood-alternative products. The company operates through two primary segments: UFP Retail Solutions, which supplies building materials and components to home improvement retailers and lumber dealers, and UFP Distribution Solutions, which offers packaging, pallets, skids, and other industrial products for a variety of end markets. Its product portfolio includes treated and untreated lumber, engineered wood, decking, railing, fencing, vinyl sheets and profiles, and custom-designed packaging solutions.

With manufacturing facilities and distribution centers across the United States, Canada, Mexico and Europe, UFP Industries serves professional contractors, industrial customers, and do-it-yourself consumers.

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