UFP Industries (NASDAQ:UFPI) Shares Gap Down After Earnings Miss

UFP Industries, Inc. (NASDAQ:UFPI) shares gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $116.35, but opened at $113.00. UFP Industries shares last traded at $113.22, with a volume of 34,320 shares trading hands.

The construction company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.04). UFP Industries had a net margin of 6.23% and a return on equity of 13.35%. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.43 billion.

UFP Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.27%. This is an increase from UFP Industries’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Monday, March 3rd. UFP Industries’s dividend payout ratio is presently 19.50%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Benchmark reiterated a “buy” rating and issued a $135.00 target price on shares of UFP Industries in a research note on Wednesday. StockNews.com lowered UFP Industries from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Wedbush restated an “outperform” rating and issued a $155.00 price objective on shares of UFP Industries in a research report on Monday, November 4th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, UFP Industries currently has an average rating of “Moderate Buy” and an average target price of $143.00.

Insiders Place Their Bets

In related news, CEO Matthew J. Missad sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $131.03, for a total value of $1,965,450.00. Following the completion of the sale, the chief executive officer now owns 314,450 shares in the company, valued at $41,202,383.50. The trade was a 4.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William G. Currie sold 5,700 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $126.59, for a total transaction of $721,563.00. Following the completion of the sale, the director now owns 61,140 shares of the company’s stock, valued at approximately $7,739,712.60. The trade was a 8.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.58% of the company’s stock.

Institutional Trading of UFP Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp raised its holdings in UFP Industries by 109.4% in the fourth quarter. Mackenzie Financial Corp now owns 8,162 shares of the construction company’s stock worth $919,000 after purchasing an additional 4,265 shares in the last quarter. Forum Financial Management LP lifted its position in UFP Industries by 19.5% during the 4th quarter. Forum Financial Management LP now owns 2,857 shares of the construction company’s stock valued at $322,000 after acquiring an additional 467 shares during the period. GTS Securities LLC bought a new stake in UFP Industries during the fourth quarter worth about $303,000. Palisades Investment Partners LLC lifted its holdings in shares of UFP Industries by 9.3% during the fourth quarter. Palisades Investment Partners LLC now owns 22,827 shares of the construction company’s stock valued at $2,571,000 after purchasing an additional 1,948 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in UFP Industries by 17.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 117,166 shares of the construction company’s stock valued at $13,199,000 after buying an additional 17,669 shares in the last quarter. Hedge funds and other institutional investors own 81.81% of the company’s stock.

UFP Industries Stock Down 2.7 %

The company has a debt-to-equity ratio of 0.07, a current ratio of 4.31 and a quick ratio of 3.25. The stock has a 50 day simple moving average of $115.46 and a 200-day simple moving average of $123.18. The firm has a market cap of $6.67 billion, a PE ratio of 16.22 and a beta of 1.45.

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.