Granite Investment Partners LLC Cuts Position in UFP Industries, Inc. (NASDAQ:UFPI)

Granite Investment Partners LLC decreased its position in UFP Industries, Inc. (NASDAQ:UFPI) by 1.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,706 shares of the construction company’s stock after selling 932 shares during the quarter. Granite Investment Partners LLC owned 0.08% of UFP Industries worth $5,567,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Headlands Technologies LLC bought a new stake in UFP Industries in the second quarter worth $29,000. Rise Advisors LLC bought a new stake in shares of UFP Industries in the 1st quarter worth about $33,000. Opal Wealth Advisors LLC purchased a new stake in shares of UFP Industries during the 1st quarter valued at about $33,000. Triad Wealth Partners LLC bought a new position in shares of UFP Industries in the 2nd quarter valued at about $56,000. Finally, GAMMA Investing LLC lifted its holdings in shares of UFP Industries by 84.2% in the 2nd quarter. GAMMA Investing LLC now owns 512 shares of the construction company’s stock valued at $57,000 after acquiring an additional 234 shares during the last quarter. 81.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

UFPI has been the topic of several analyst reports. Stifel Nicolaus boosted their price objective on UFP Industries from $125.00 to $157.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. StockNews.com downgraded UFP Industries from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 5th. Benchmark boosted their price objective on shares of UFP Industries from $133.00 to $155.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Wedbush reiterated a “neutral” rating and set a $120.00 price objective (up previously from $102.00) on shares of UFP Industries in a research report on Tuesday, July 30th. Finally, BMO Capital Markets lifted their price target on shares of UFP Industries from $115.00 to $125.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $132.60.

UFP Industries Stock Performance

UFPI stock opened at $130.80 on Friday. UFP Industries, Inc. has a twelve month low of $90.62 and a twelve month high of $136.93. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 16.27 and a beta of 1.39. The business’s fifty day simple moving average is $121.35 and its two-hundred day simple moving average is $117.75. The company has a quick ratio of 3.18, a current ratio of 4.34 and a debt-to-equity ratio of 0.07.

UFP Industries (NASDAQ:UFPI) last announced 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. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.87 billion. UFP Industries had a net margin of 7.02% and a return on equity of 15.86%. The firm’s revenue for the quarter was down 6.9% on a year-over-year basis. During the same quarter last year, the business posted $2.36 EPS. Analysts predict that UFP Industries, Inc. will post 7.27 earnings per share for the current year.

UFP Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 2nd were paid a $0.33 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.32 annualized dividend and a yield of 1.01%. UFP Industries’s dividend payout ratio (DPR) is currently 16.42%.

UFP Industries 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.