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

UFP Industries, Inc. (NASDAQ:UFPI)’s share price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $92.94, but opened at $87.63. UFP Industries shares last traded at $88.5050, with a volume of 77,439 shares.

The construction company reported $0.89 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.26). UFP Industries had a return on equity of 9.27% and a net margin of 4.66%.The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the prior year, the firm earned $1.30 EPS. The firm’s revenue was down 8.4% on a year-over-year basis.

UFP Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Monday, June 1st. UFP Industries’s payout ratio is currently 28.86%.

Analysts Set New Price Targets

Several research analysts have recently commented on UFPI shares. BMO Capital Markets reiterated a “market perform” rating and set a $108.00 price target (down from $112.00) on shares of UFP Industries in a report on Monday, April 20th. DA Davidson reduced their price target on UFP Industries from $112.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Zacks Research lowered UFP Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 17th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of UFP Industries in a research report on Tuesday, January 27th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $107.00.

Hedge Funds Weigh In On UFP Industries

Institutional investors have recently bought and sold shares of the company. IAG Wealth Partners LLC acquired a new position in UFP Industries in the 1st quarter valued at about $28,000. Root Financial Partners LLC grew its position in UFP Industries by 86.0% in the 1st quarter. Root Financial Partners LLC now owns 320 shares of the construction company’s stock valued at $29,000 after acquiring an additional 148 shares in the last quarter. Geneos Wealth Management Inc. grew its position in UFP Industries by 54.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 322 shares of the construction company’s stock valued at $32,000 after acquiring an additional 114 shares in the last quarter. Signaturefd LLC grew its position in UFP Industries by 66.1% in the 4th quarter. Signaturefd LLC now owns 387 shares of the construction company’s stock valued at $35,000 after acquiring an additional 154 shares in the last quarter. Finally, Danske Bank A S grew its position in UFP Industries by 300.0% in the 4th quarter. Danske Bank A S now owns 400 shares of the construction company’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. 81.81% of the stock is owned by institutional investors and hedge funds.

UFP Industries Stock Performance

The company has a market capitalization of $5.02 billion, a price-to-earnings ratio of 17.66 and a beta of 1.44. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.13 and a current ratio of 4.59. The firm has a 50-day simple moving average of $95.03 and a two-hundred day simple moving average of $96.30.

UFP Industries Company Profile

UFP Industries, Inc, founded in 1955 and headquartered in Grand Rapids, Michigan, designs, manufactures, and distributes a broad range of wood and wood-alternative products. The company operates through two primary segments: UFP Retail Solutions, which supplies building materials and components to home improvement retailers and lumber dealers, and UFP Distribution Solutions, which offers packaging, pallets, skids, and other industrial products for a variety of end markets. Its product portfolio includes treated and untreated lumber, engineered wood, decking, railing, fencing, vinyl sheets and profiles, and custom-designed packaging solutions.

With manufacturing facilities and distribution centers across the United States, Canada, Mexico and Europe, UFP Industries serves professional contractors, industrial customers, and do-it-yourself consumers.