Granite Bay Wealth Management LLC Reduces Stock Position in UFP Technologies, Inc. (NASDAQ:UFPT)

Granite Bay Wealth Management LLC cut its stake in shares of UFP Technologies, Inc. (NASDAQ:UFPT - Free Report) by 76.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,700 shares of the industrial products company's stock after selling 8,640 shares during the quarter. Granite Bay Wealth Management LLC's holdings in UFP Technologies were worth $430,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. grew its holdings in UFP Technologies by 131.0% during the 2nd quarter. BlackRock Inc. now owns 1,069,252 shares of the industrial products company's stock worth $207,274,000 after acquiring an additional 606,378 shares during the last quarter. Vanguard Group Inc. grew its holdings in UFP Technologies by 2.5% during the 3rd quarter. Vanguard Group Inc. now owns 507,531 shares of the industrial products company's stock worth $81,941,000 after acquiring an additional 12,420 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in UFP Technologies by 94.1% during the 1st quarter. Neuberger Berman Group LLC now owns 451,794 shares of the industrial products company's stock worth $29,895,000 after acquiring an additional 219,009 shares during the last quarter. State Street Corp grew its holdings in UFP Technologies by 42.0% during the 2nd quarter. State Street Corp now owns 296,655 shares of the industrial products company's stock worth $57,507,000 after acquiring an additional 87,756 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in UFP Technologies by 6.5% during the 1st quarter. Wellington Management Group LLP now owns 219,674 shares of the industrial products company's stock worth $14,536,000 after acquiring an additional 13,479 shares during the last quarter. 87.28% of the stock is owned by institutional investors.

Insider Activity at UFP Technologies

In other UFP Technologies news, CEO R Jeffrey Bailly sold 27,090 shares of the company's stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $209.48, for a total transaction of $5,674,813.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO R Jeffrey Bailly sold 27,090 shares of UFP Technologies stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $209.48, for a total transaction of $5,674,813.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Steve Cardin sold 311 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $196.50, for a total value of $61,111.50. Following the completion of the sale, the vice president now directly owns 5,643 shares of the company's stock, valued at $1,108,849.50. The disclosure for this sale can be found here. Insiders have sold 31,125 shares of company stock worth $6,511,420 in the last quarter. Company insiders own 7.80% of the company's stock.

UFP Technologies Stock Up 0.5 %

Shares of UFP Technologies stock traded up $1.13 during trading on Friday, reaching $228.99. 35,529 shares of the company traded hands, compared to its average volume of 75,159. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.48 and a quick ratio of 1.28. UFP Technologies, Inc. has a 1-year low of $127.29 and a 1-year high of $257.29. The company has a 50 day moving average price of $213.36 and a 200-day moving average price of $180.96. The firm has a market capitalization of $1.75 billion, a PE ratio of 39.14 and a beta of 0.83.

UFP Technologies (NASDAQ:UFPT - Get Free Report) last released its earnings results on Wednesday, February 21st. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.41. UFP Technologies had a net margin of 11.23% and a return on equity of 25.48%. The company had revenue of $101.50 million for the quarter, compared to the consensus estimate of $94.80 million. As a group, equities research analysts expect that UFP Technologies, Inc. will post 6.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on UFPT shares. CJS Securities initiated coverage on shares of UFP Technologies in a report on Wednesday, March 20th. They set an "outperform" rating and a $255.00 target price on the stock. KeyCorp initiated coverage on shares of UFP Technologies in a research note on Tuesday, February 6th. They issued a "sector weight" rating on the stock. Finally, StockNews.com raised shares of UFP Technologies from a "sell" rating to a "hold" rating in a research note on Thursday, February 22nd.

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.