UFP Industries (NASDAQ:UFPI) Research Coverage Started at Oppenheimer

Oppenheimer initiated coverage on shares of UFP Industries (NASDAQ:UFPI) in a report released on Wednesday morning, MarketBeat reports. The firm issued a market perform rating on the construction company’s stock.

A number of other equities research analysts have also issued reports on UFPI. Weiss Ratings raised UFP Industries from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, August 6th. Stifel Nicolaus set a $90.00 price target on UFP Industries and gave the stock a “hold” rating in a research report on Monday, August 24th. Finally, Zacks Research upgraded UFP Industries from a “strong sell” rating to a “hold” rating in a research report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $104.50.

UFP Industries Stock Performance

NASDAQ:UFPI opened at $77.15 on Wednesday. The company has a current ratio of 3.98, a quick ratio of 2.64 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $4.26 billion, a P/E ratio of 17.69 and a beta of 1.22. The firm has a 50-day moving average price of $85.26 and a two-hundred day moving average price of $86.61. UFP Industries has a twelve month low of $75.19 and a twelve month high of $118.00.

UFP Industries (NASDAQ:UFPI) last announced its quarterly earnings results on Wednesday, July 29th. The construction company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.11. UFP Industries had a net margin of 3.99% and a return on equity of 8.00%. The company had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.79 billion. As a group, research analysts expect that UFP Industries will post 4.47 earnings per share for the current fiscal year.

UFP Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Tuesday, September 1st. UFP Industries’s dividend payout ratio is currently 33.03%.

Hedge Funds Weigh In On UFP Industries

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of UFP Industries in the 2nd quarter worth about $688,063,000. Norges Bank purchased a new stake in shares of UFP Industries during the 4th quarter worth about $75,183,000. Wasatch Advisors LP grew its holdings in shares of UFP Industries by 32.9% during the 1st quarter. Wasatch Advisors LP now owns 2,037,908 shares of the construction company’s stock worth $187,732,000 after purchasing an additional 504,609 shares during the period. Bank of New York Mellon Corp acquired a new stake in UFP Industries during the 2nd quarter worth approximately $34,067,000. Finally, River Road Asset Management LLC increased its position in UFP Industries by 64.1% during the 4th quarter. River Road Asset Management LLC now owns 879,935 shares of the construction company’s stock worth $80,118,000 after purchasing an additional 343,830 shares in the last quarter. 81.81% of the stock is currently owned by hedge funds and other institutional investors.

About UFP Industries

UFP Industries, Inc is a manufacturer and supplier of wood, composite and other products serving the retail, industrial and construction markets. The company’s offerings include outdoor living products such as decking, fencing, landscaping and garden products, as well as structural and component products used in residential and commercial construction.

UFP Industries also provides pallets, crates, specialty wood packaging and other custom products for industrial customers. Its construction-related operations supply components for manufactured housing, residential construction, commercial building and recreational vehicles.