UFP Industries (NASDAQ:UFPI) Sets New 1-Year High – Here’s Why

UFP Industries, Inc. (NASDAQ:UFPI) reached a new 52-week high during trading on Wednesday . The company traded as high as $136.93 and last traded at $136.57, with a volume of 37229 shares traded. The stock had previously closed at $135.00.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Stifel Nicolaus increased 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. Benchmark lifted their target price 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 upgraded UFP Industries from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $120.00 to $155.00 in a research report on Tuesday. StockNews.com cut shares of UFP Industries from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 5th. Finally, BMO Capital Markets upped their price objective on UFP Industries from $115.00 to $125.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $139.60.

UFP Industries Stock Performance

The stock has a market cap of $8.46 billion, a P/E ratio of 16.96 and a beta of 1.39. The company has a 50 day simple moving average of $122.90 and a 200-day simple moving average of $119.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.34 and a quick ratio of 3.18.

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

UFP Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 2nd were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend was Friday, August 30th. UFP Industries’s payout ratio is presently 16.42%.

Hedge Funds Weigh In On UFP Industries

Large investors have recently made changes to their positions in the business. Wasatch Advisors LP increased its stake in shares of UFP Industries by 5.2% in the 4th quarter. Wasatch Advisors LP now owns 334,351 shares of the construction company’s stock valued at $41,978,000 after purchasing an additional 16,486 shares in the last quarter. Argent Capital Management LLC lifted its holdings in shares of UFP Industries by 12.5% in the 4th quarter. Argent Capital Management LLC now owns 4,508 shares of the construction company’s stock worth $566,000 after acquiring an additional 500 shares during the last quarter. Cim LLC acquired a new position in UFP Industries in the 4th quarter valued at about $241,000. Integrated Advisors Network LLC acquired a new position in UFP Industries during the 4th quarter worth $444,000. Finally, ICA Group Wealth Management LLC purchased a new stake in shares of UFP Industries in the 4th quarter valued at approximately $94,000. 81.81% of the stock is owned by institutional investors and hedge funds.

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.