Great Lakes Advisors LLC Invests $766,000 in UFP Industries, Inc. (NASDAQ:UFPI)

Posted by Defense World Staff on Aug 22nd, 2023

Great Lakes Advisors LLC acquired a new position in UFP Industries, Inc. (NASDAQ:UFPI – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,633 shares of the construction company’s stock, valued at approximately $766,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Trust N.A. acquired a new position in UFP Industries during the fourth quarter valued at approximately $220,000. Fortem Financial Group LLC grew its stake in shares of UFP Industries by 28.3% in the first quarter. Fortem Financial Group LLC now owns 5,441 shares of the construction company’s stock worth $432,000 after acquiring an additional 1,200 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of UFP Industries by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 713,825 shares of the construction company’s stock worth $56,728,000 after acquiring an additional 17,003 shares during the last quarter. Synovus Financial Corp grew its stake in shares of UFP Industries by 2.6% in the fourth quarter. Synovus Financial Corp now owns 6,842 shares of the construction company’s stock worth $542,000 after acquiring an additional 174 shares during the last quarter. Finally, Henrickson Nauta Wealth Advisors Inc. grew its stake in shares of UFP Industries by 240.7% in the first quarter. Henrickson Nauta Wealth Advisors Inc. now owns 64,143 shares of the construction company’s stock worth $5,097,000 after acquiring an additional 45,316 shares during the last quarter. Institutional investors and hedge funds own 81.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. BMO Capital Markets raised their price objective on shares of UFP Industries from $95.00 to $100.00 in a research note on Tuesday, May 16th. DA Davidson raised their target price on UFP Industries from $102.00 to $112.00 in a research report on Wednesday, May 3rd. Benchmark raised their target price on UFP Industries from $102.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 4th. StockNews.com assumed coverage on UFP Industries in a research report on Thursday, August 17th. They issued a “buy” rating for the company. Finally, Stifel Nicolaus reduced their target price on UFP Industries from $102.00 to $100.00 in a research report on Wednesday, May 3rd.

Read Our Latest Research Report on UFP Industries

UFP Industries Price Performance

Shares of UFPI stock opened at $100.06 on Tuesday. The stock has a 50-day moving average price of $97.55 and a 200 day moving average price of $87.99. The company has a quick ratio of 2.87, a current ratio of 4.34 and a debt-to-equity ratio of 0.10. The firm has a market cap of $6.19 billion, a price-to-earnings ratio of 11.00 and a beta of 1.52. UFP Industries, Inc. has a 12 month low of $66.17 and a 12 month high of $104.30.

UFP Industries (NASDAQ:UFPI – Get Free Report) last posted its earnings results on Wednesday, August 2nd. The construction company reported $2.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by ($0.04). The company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.29 billion. UFP Industries had a return on equity of 21.75% and a net margin of 7.12%. UFP Industries’s quarterly revenue was down 29.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.23 earnings per share. Research analysts expect that UFP Industries, Inc. will post 8.26 EPS for the current year.

UFP Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.30 per share. This is a positive change from UFP Industries’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend is Thursday, August 31st. UFP Industries’s payout ratio is presently 10.99%.

Insider Activity

In other news, Director Bruce A. Merino sold 8,000 shares of UFP Industries stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $88.36, for a total transaction of $706,880.00. Following the transaction, the director now owns 22,312 shares in the company, valued at approximately $1,971,488.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Bruce A. Merino sold 8,000 shares of UFP Industries stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $88.36, for a total transaction of $706,880.00. Following the transaction, the director now owns 22,312 shares in the company, valued at approximately $1,971,488.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Missad sold 4,500 shares of UFP Industries stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $87.10, for a total value of $391,950.00. Following the transaction, the chief executive officer now owns 360,545 shares in the company, valued at approximately $31,403,469.50. The disclosure for this sale can be found here. 3.55% of the stock is currently owned by company insiders.

UFP Industries Company 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.