Bank of New York Mellon Corp Raises Stake in UFP Industries, Inc. $UFPI

Bank of New York Mellon Corp lifted its position in UFP Industries, Inc. (NASDAQ:UFPI) by 1.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 561,467 shares of the construction company’s stock after purchasing an additional 10,203 shares during the period. Bank of New York Mellon Corp owned about 0.93% of UFP Industries worth $55,787,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of UFPI. Migdal Insurance & Financial Holdings Ltd. bought a new position in UFP Industries in the 1st quarter worth $36,000. Caitong International Asset Management Co. Ltd raised its holdings in UFP Industries by 39.9% during the first quarter. Caitong International Asset Management Co. Ltd now owns 417 shares of the construction company’s stock valued at $45,000 after acquiring an additional 119 shares during the period. Ameritas Advisory Services LLC purchased a new position in shares of UFP Industries in the second quarter valued at about $59,000. Signaturefd LLC lifted its position in shares of UFP Industries by 222.5% in the first quarter. Signaturefd LLC now owns 816 shares of the construction company’s stock valued at $87,000 after acquiring an additional 563 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in shares of UFP Industries in the second quarter worth about $91,000. 81.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

UFPI has been the topic of several recent analyst reports. Weiss Ratings reissued a “hold (c-)” rating on shares of UFP Industries in a research note on Thursday, October 30th. Zacks Research raised shares of UFP Industries from a “strong sell” rating to a “hold” rating in a report on Friday, October 17th. DA Davidson raised shares of UFP Industries from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $112.00 in a report on Friday, October 31st. Loop Capital started coverage on shares of UFP Industries in a research report on Wednesday, July 23rd. They set a “hold” rating and a $112.00 target price for the company. Finally, Stifel Nicolaus set a $95.00 price target on shares of UFP Industries and gave the company a “hold” rating in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $113.50.

UFP Industries Price Performance

UFPI stock opened at $91.47 on Tuesday. UFP Industries, Inc. has a 52 week low of $88.78 and a 52 week high of $141.33. The company has a quick ratio of 3.16, a current ratio of 4.54 and a debt-to-equity ratio of 0.07. The company has a fifty day simple moving average of $94.12 and a two-hundred day simple moving average of $98.43. The firm has a market capitalization of $5.36 billion, a P/E ratio of 16.91 and a beta of 1.43.

UFP Industries (NASDAQ:UFPI) last posted its earnings results on Wednesday, October 29th. The construction company reported $1.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.08). The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.61 billion. UFP Industries had a return on equity of 10.16% and a net margin of 5.00%.The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.64 earnings per share. Analysts anticipate that UFP Industries, Inc. will post 7.08 earnings per share for the current fiscal year.

UFP Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a dividend of $0.35 per share. The ex-dividend date is Monday, December 1st. This represents a $1.40 dividend on an annualized basis and a yield of 1.5%. UFP Industries’s dividend payout ratio is 25.88%.

UFP Industries Company Profile

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.