Assenagon Asset Management S.A. Increases Stock Holdings in UFP Industries, Inc. (NASDAQ:UFPI)

Posted by Defense World Staff on Jul 1st, 2023

Assenagon Asset Management S.A. raised its stake in UFP Industries, Inc. (NASDAQ:UFPI – Free Report) by 45.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 149,296 shares of the construction company’s stock after purchasing an additional 46,833 shares during the quarter. Assenagon Asset Management S.A. owned 0.24% of UFP Industries worth $11,865,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of UFPI. ICA Group Wealth Management LLC purchased a new position in shares of UFP Industries in the 4th quarter valued at approximately $59,000. Ronald Blue Trust Inc. boosted its stake in shares of UFP Industries by 100.5% in the fourth quarter. Ronald Blue Trust Inc. now owns 848 shares of the construction company’s stock valued at $61,000 after buying an additional 425 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of UFP Industries in the first quarter valued at approximately $62,000. Belpointe Asset Management LLC purchased a new stake in shares of UFP Industries in the fourth quarter valued at approximately $73,000. Finally, Byrne Asset Management LLC purchased a new stake in shares of UFP Industries in the first quarter valued at approximately $74,000. 81.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on UFPI. DA Davidson lifted their price target on UFP Industries from $102.00 to $112.00 in a research note on Wednesday, May 3rd. Stifel Nicolaus decreased their target price on UFP Industries from $102.00 to $100.00 in a research report on Wednesday, May 3rd. StockNews.com started coverage on UFP Industries in a research report on Thursday, May 18th. They set a “buy” rating on the stock. Finally, BMO Capital Markets boosted their target price on UFP Industries from $95.00 to $100.00 in a research report on Tuesday, May 16th.

Insider Transactions at UFP Industries

In other news, Director Bruce A. Merino sold 8,000 shares of the business’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $88.36, for a total value of $706,880.00. Following the completion of the transaction, the director now directly owns 22,312 shares of the company’s stock, valued at $1,971,488.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Matthew J. Missad sold 5,000 shares of the company’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $83.60, for a total value of $418,000.00. Following the completion of the transaction, the chief executive officer now directly owns 365,545 shares in the company, valued at $30,559,562. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce A. Merino sold 8,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $88.36, for a total value of $706,880.00. Following the completion of the transaction, the director now owns 22,312 shares of the company’s stock, valued at $1,971,488.32. The disclosure for this sale can be found here. Insiders sold a total of 17,500 shares of company stock valued at $1,516,830 over the last three months. 3.55% of the stock is currently owned by insiders.

UFP Industries Stock Up 0.1 %

UFPI opened at $97.05 on Friday. The business’s fifty day moving average is $84.80 and its two-hundred day moving average is $83.98. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.46 and a current ratio of 4.27. The company has a market cap of $5.98 billion, a price-to-earnings ratio of 9.73 and a beta of 1.47. UFP Industries, Inc. has a one year low of $66.17 and a one year high of $99.40.

UFP Industries (NASDAQ:UFPI – Free Report) last released its quarterly earnings results on Tuesday, May 2nd. The construction company reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.33. UFP Industries had a return on equity of 24.92% and a net margin of 7.02%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the firm posted $3.00 earnings per share. The business’s revenue for the quarter was down 26.8% compared to the same quarter last year. Analysts anticipate that UFP Industries, Inc. will post 8.29 EPS for the current fiscal year.

UFP Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, May 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.03%. UFP Industries’s dividend payout ratio (DPR) is 10.03%.

UFP Industries Profile

(Free Report)

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.

Institutional Ownership by Quarter for UFP Industries (NASDAQ:UFPI)

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