Victory Capital Management Inc. Cuts Holdings in UFP Industries, Inc. (NASDAQ:UFPI)

Victory Capital Management Inc. cut its holdings in UFP Industries, Inc. (NASDAQ:UFPI) by 33.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 779,815 shares of the construction company’s stock after selling 396,980 shares during the quarter. Victory Capital Management Inc. owned 1.26% of UFP Industries worth $87,339,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of UFPI. Charles Schwab Investment Management Inc. boosted its position in shares of UFP Industries by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 753,559 shares of the construction company’s stock worth $94,609,000 after purchasing an additional 4,300 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in UFP Industries by 0.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 738,608 shares of the construction company’s stock worth $90,857,000 after buying an additional 5,784 shares in the last quarter. Norges Bank acquired a new position in UFP Industries during the fourth quarter worth about $86,885,000. Wells Fargo & Company MN increased its holdings in UFP Industries by 871.3% in the fourth quarter. Wells Fargo & Company MN now owns 412,116 shares of the construction company’s stock valued at $51,741,000 after buying an additional 369,687 shares in the last quarter. Finally, Wasatch Advisors LP lifted its position in shares of UFP Industries by 5.2% during the 4th quarter. Wasatch Advisors LP now owns 334,351 shares of the construction company’s stock valued at $41,978,000 after acquiring an additional 16,486 shares during the period. Institutional investors and hedge funds own 81.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on UFPI shares. StockNews.com cut UFP Industries from a “strong-buy” rating to a “buy” rating in a report on Friday, July 5th. Stifel Nicolaus raised their price target on UFP Industries from $125.00 to $157.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Benchmark boosted their price objective on shares of UFP Industries from $133.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Wedbush restated a “neutral” rating and set a $120.00 target price (up from $102.00) on shares of UFP Industries in a report on Tuesday, July 30th. Finally, BMO Capital Markets upped their price target on shares of UFP Industries from $115.00 to $125.00 and gave the company a “market perform” rating in a report on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, UFP Industries has a consensus rating of “Moderate Buy” and a consensus price target of $132.60.

Insider Activity

In related news, insider Patrick M. Benton sold 11,725 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $115.27, for a total transaction of $1,351,540.75. Following the transaction, the insider now directly owns 97,729 shares in the company, valued at $11,265,221.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.58% of the company’s stock.

UFP Industries Trading Down 0.7 %

UFP Industries stock opened at $113.03 on Friday. The stock has a market cap of $6.98 billion, a PE ratio of 14.06 and a beta of 1.39. The company has a current ratio of 4.34, a quick ratio of 3.18 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average price of $119.08 and a 200 day moving average price of $117.15. UFP Industries, Inc. has a 52 week low of $90.62 and a 52 week high of $136.93.

UFP Industries (NASDAQ:UFPI) last posted its quarterly earnings data on Tuesday, July 30th. The construction company reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.02. UFP Industries had a net margin of 7.02% and a return on equity of 15.86%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the previous year, the business posted $2.36 earnings per share. The company’s revenue was down 6.9% on a year-over-year basis. Equities research analysts predict that UFP Industries, Inc. will post 7.27 earnings per share for the current fiscal year.

UFP Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Friday, August 30th. UFP Industries’s dividend payout ratio (DPR) is 16.42%.

About UFP Industries

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.