Q2 2024 Earnings Forecast for UFP Industries, Inc. Issued By Wedbush (NASDAQ:UFPI)

UFP Industries, Inc. (NASDAQ:UFPI) – Analysts at Wedbush cut their Q2 2024 EPS estimates for UFP Industries in a note issued to investors on Monday, May 6th. Wedbush analyst J. Mccanless now anticipates that the construction company will post earnings per share of $2.09 for the quarter, down from their previous forecast of $2.13. Wedbush currently has a “Neutral” rating and a $102.00 target price on the stock. The consensus estimate for UFP Industries’ current full-year earnings is $7.37 per share. Wedbush also issued estimates for UFP Industries’ Q3 2024 earnings at $1.97 EPS, Q4 2024 earnings at $1.63 EPS, FY2024 earnings at $7.65 EPS, Q1 2025 earnings at $1.93 EPS, Q2 2025 earnings at $2.46 EPS, Q3 2025 earnings at $2.17 EPS and FY2025 earnings at $8.33 EPS.

Several other equities analysts have also recently weighed in on UFPI. StockNews.com cut UFP Industries from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 4th. Stifel Nicolaus upped their price objective on shares of UFP Industries from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, Benchmark cut their target price on shares of UFP Industries from $137.00 to $133.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Two 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, UFP Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.20.

UFP Industries Stock Up 1.7 %

NASDAQ:UFPI opened at $118.78 on Thursday. The business’s fifty day moving average price is $116.20 and its 200 day moving average price is $114.34. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of 14.77 and a beta of 1.47. The company has a current ratio of 4.79, a quick ratio of 3.37 and a debt-to-equity ratio of 0.07. UFP Industries has a 1-year low of $77.47 and a 1-year high of $128.65.

UFP Industries (NASDAQ:UFPI) last announced its earnings results on Tuesday, April 30th. The construction company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.34. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.71 billion. UFP Industries had a net margin of 7.24% and a return on equity of 17.07%. The company’s revenue was down 10.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.98 EPS.

Institutional Trading of UFP Industries

Large investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC grew its holdings in UFP Industries by 14.8% during the third quarter. Commonwealth Equity Services LLC now owns 12,042 shares of the construction company’s stock valued at $1,233,000 after purchasing an additional 1,554 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in UFP Industries by 1.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 16,251 shares of the construction company’s stock worth $1,664,000 after acquiring an additional 234 shares during the period. Raymond James & Associates lifted its position in UFP Industries by 59.6% during the 3rd quarter. Raymond James & Associates now owns 80,677 shares of the construction company’s stock worth $8,261,000 after acquiring an additional 30,142 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in UFP Industries by 48.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 5,814 shares of the construction company’s stock valued at $595,000 after acquiring an additional 1,903 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of UFP Industries by 13.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,520 shares of the construction company’s stock valued at $1,282,000 after purchasing an additional 1,511 shares during the last quarter. Institutional investors own 81.81% of the company’s stock.

Insider Buying and Selling at UFP Industries

In other news, CEO Matthew J. Missad sold 5,018 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $114.05, for a total transaction of $572,302.90. Following the transaction, the chief executive officer now owns 363,328 shares in the company, valued at approximately $41,437,558.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.58% of the company’s stock.

UFP Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend is Friday, May 31st. UFP Industries’s payout ratio is presently 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.