UFP Technologies, Inc. (NASDAQ:UFPT) Stake Lowered by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of UFP Technologies, Inc. (NASDAQ:UFPT) by 6.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,338 shares of the industrial products company’s stock after selling 3,134 shares during the period. Bank of New York Mellon Corp owned approximately 0.55% of UFP Technologies worth $8,540,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in UFPT. Wasatch Advisors LP grew its position in shares of UFP Technologies by 37.1% in the fourth quarter. Wasatch Advisors LP now owns 576,691 shares of the industrial products company’s stock valued at $141,007,000 after purchasing an additional 156,142 shares during the last quarter. Boston Trust Walden Corp grew its holdings in shares of UFP Technologies by 98.4% in the 1st quarter. Boston Trust Walden Corp now owns 214,147 shares of the industrial products company’s stock valued at $43,196,000 after buying an additional 106,197 shares during the period. Raymond James Financial Inc. bought a new stake in UFP Technologies in the 4th quarter valued at $16,808,000. Price T Rowe Associates Inc. MD grew its holdings in shares of UFP Technologies by 55.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 178,411 shares of the industrial products company’s stock valued at $43,625,000 after acquiring an additional 63,899 shares in the last quarter. Finally, Royal Bank of Canada increased its position in shares of UFP Technologies by 508.8% in the fourth quarter. Royal Bank of Canada now owns 69,145 shares of the industrial products company’s stock valued at $16,907,000 after acquiring an additional 57,787 shares during the last quarter. 87.28% of the stock is currently owned by institutional investors and hedge funds.

UFP Technologies Price Performance

Shares of NASDAQ UFPT opened at $231.11 on Wednesday. The business’s 50 day moving average price is $239.70 and its 200 day moving average price is $234.10. The firm has a market cap of $1.78 billion, a P/E ratio of 28.29 and a beta of 1.11. UFP Technologies, Inc. has a 52 week low of $178.26 and a 52 week high of $366.41. The company has a quick ratio of 1.45, a current ratio of 2.58 and a debt-to-equity ratio of 0.47.

UFP Technologies (NASDAQ:UFPT) last issued its quarterly earnings data on Tuesday, May 6th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.42. UFP Technologies had a return on equity of 21.27% and a net margin of 11.59%. The firm had revenue of $148.15 million during the quarter, compared to the consensus estimate of $139.93 million.

Insider Activity

In related news, SVP Christopher P. Litterio sold 1,473 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $220.12, for a total transaction of $324,236.76. Following the sale, the senior vice president owned 12,585 shares of the company’s stock, valued at $2,770,210.20. This trade represents a 10.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on UFPT. Lake Street Capital set a $252.00 price target on shares of UFP Technologies and gave the company a “buy” rating in a research note on Wednesday, May 7th. Raymond James Financial began coverage on shares of UFP Technologies in a research note on Friday, March 28th. They issued a “market perform” rating on the stock.

UFP Technologies Company Profile

UFP Technologies, Inc designs and manufactures solutions for medical devices, sterile packaging, and other highly engineered custom products. The company offers protective drapes for robotic surgery, single patient use surfaces, advanced wound care, infection prevention, disposables for surgical and endoscopic procedures, packaging for medical devices, orthopedic implants, biopharma drug manufacturing, and coils for catheters; and molded components for applications in acoustic insulation, interior trim, load floors, sunshades, SUV cargo cover handles, driveshaft damping, engine and manifold covers, quarter panels, and wheel liners.