Brokers Set Expectations for UFP Industries, Inc.'s FY2024 Earnings (NASDAQ:UFPI)

UFP Industries, Inc. (NASDAQ:UFPI - Free Report) - Equities research analysts at DA Davidson dropped their FY2024 EPS estimates for UFP Industries in a report issued on Wednesday, May 1st. DA Davidson analyst K. Yinger now expects that the construction company will earn $7.54 per share for the year, down from their prior forecast of $7.68. The consensus estimate for UFP Industries' current full-year earnings is $7.40 per share.

UFP Industries (NASDAQ:UFPI - Get Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The construction company reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.34. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.71 billion. UFP Industries had a return on equity of 17.07% and a net margin of 7.24%. The company's revenue was down 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.98 earnings per share.

A number of other equities research analysts also recently commented on the company. Wedbush reaffirmed a "neutral" rating and set a $102.00 target price on shares of UFP Industries in a report on Thursday, February 22nd. StockNews.com lowered shares of UFP Industries from a "strong-buy" rating to a "buy" rating in a research note on Thursday, April 4th. Benchmark lowered their price target on shares of UFP Industries from $137.00 to $133.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Stifel Nicolaus lifted their price objective on UFP Industries from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, February 21st. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $113.20.

UFP Industries Stock Performance

Shares of NASDAQ UFPI traded up $1.16 during midday trading on Friday, reaching $116.65. The company had a trading volume of 187,885 shares, compared to its average volume of 282,995. The stock has a market cap of $7.18 billion, a P/E ratio of 14.36 and a beta of 1.47. The company has a current ratio of 4.79, a quick ratio of 3.12 and a debt-to-equity ratio of 0.07. UFP Industries has a 1 year low of $77.47 and a 1 year high of $128.65. The business's 50-day simple moving average is $115.80 and its 200 day simple moving average is $113.68.

UFP Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a $0.33 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.32 annualized dividend and a dividend yield of 1.13%. UFP Industries's dividend payout ratio is presently 16.42%.

Insiders Place Their Bets

In other UFP Industries news, CEO Matthew J. Missad sold 5,018 shares of the company's stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $114.05, for a total transaction of $572,302.90. Following the completion of the transaction, the chief executive officer now directly owns 363,328 shares in the company, valued at $41,437,558.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.58% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of UFPI. BI Asset Management Fondsmaeglerselskab A S purchased a new position in UFP Industries during the first quarter worth about $628,000. Jennison Associates LLC lifted its holdings in UFP Industries by 3.0% in the first quarter. Jennison Associates LLC now owns 9,207 shares of the construction company's stock valued at $1,133,000 after acquiring an additional 264 shares during the last quarter. FORA Capital LLC purchased a new position in UFP Industries in the first quarter worth approximately $591,000. Nordea Investment Management AB increased its stake in UFP Industries by 28.6% during the first quarter. Nordea Investment Management AB now owns 114,762 shares of the construction company's stock worth $14,150,000 after acquiring an additional 25,508 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in UFP Industries in the first quarter valued at $89,000. Institutional investors and hedge funds own 81.81% of the company's stock.

UFP Industries Company Profile

UFP Industries, Inc, through its subsidiaries, designs, manufactures, and markets wood and non-wood composites, and other materials in North America, Europe, Asia, and Australia. It operates through Retail, Packaging, and Construction segments. The Retail segment offers treated lumber products, including decking, fencing, lattice, and other products; pressure-treated and fire-retardant products used primarily for outdoor decking environments; and lawn and garden products, consisting of wood and vinyl fencing options, garden beds and planters, pergolas, picnic tables, and other landscaping products.