State of Michigan Retirement System Boosts Position in UFP Industries, Inc. (NASDAQ:UFPI)

State of Michigan Retirement System boosted its position in shares of UFP Industries, Inc. (NASDAQ:UFPI) by 2.7% in the first quarter, Holdings Channel reports. The fund owned 15,200 shares of the construction company’s stock after purchasing an additional 400 shares during the quarter. State of Michigan Retirement System’s holdings in UFP Industries were worth $1,870,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of UFPI. Mariner LLC increased its position in UFP Industries by 6.2% during the third quarter. Mariner LLC now owns 5,674 shares of the construction company’s stock valued at $581,000 after acquiring an additional 331 shares during the last quarter. Stifel Financial Corp increased its position in UFP Industries by 7.3% in the third quarter. Stifel Financial Corp now owns 29,079 shares of the construction company’s stock worth $2,978,000 after buying an additional 1,982 shares in the last quarter. Seven Eight Capital LP increased its position in UFP Industries by 23.0% in the third quarter. Seven Eight Capital LP now owns 4,070 shares of the construction company’s stock worth $417,000 after buying an additional 761 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its position in UFP Industries by 22.7% in the third quarter. Mercer Global Advisors Inc. ADV now owns 38,230 shares of the construction company’s stock worth $3,915,000 after buying an additional 7,076 shares in the last quarter. Finally, American Century Companies Inc. increased its position in UFP Industries by 42.2% in the third quarter. American Century Companies Inc. now owns 252,270 shares of the construction company’s stock worth $25,832,000 after buying an additional 74,852 shares in the last quarter. Hedge funds and other institutional investors own 81.81% of the company’s stock.

UFP Industries Stock Performance

NASDAQ UFPI opened at $109.41 on Friday. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of 13.61 and a beta of 1.40. The company has a quick ratio of 3.37, a current ratio of 4.79 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $115.95 and a 200-day moving average price of $116.81. UFP Industries, Inc. has a twelve month low of $90.62 and a twelve month high of $128.65.

UFP Industries (NASDAQ:UFPI) last released its quarterly earnings data on Tuesday, April 30th. The construction company reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.34. UFP Industries had a return on equity of 17.07% and a net margin of 7.24%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the company posted $1.98 earnings per share. The business’s quarterly revenue was down 10.1% compared to the same quarter last year. As a group, equities research analysts predict that UFP Industries, Inc. will post 7.53 EPS for the current fiscal year.

UFP Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Monday, June 3rd. UFP Industries’s payout ratio is presently 16.42%.

Insider Activity at UFP Industries

In other UFP Industries news, Director Bruce A. Merino sold 16,472 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $117.88, for a total transaction of $1,941,719.36. Following the sale, the director now directly owns 7,107 shares in the company, valued at $837,773.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Bruce A. Merino sold 16,472 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $117.88, for a total value of $1,941,719.36. Following the sale, the director now directly owns 7,107 shares in the company, valued at $837,773.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider David A. Tutas sold 3,038 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $120.21, for a total value of $365,197.98. Following the completion of the sale, the insider now owns 21,374 shares in the company, valued at $2,569,368.54. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,687 shares of company stock valued at $3,831,653. Insiders own 2.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on UFPI. Benchmark reduced their price target on UFP Industries from $137.00 to $133.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. StockNews.com upgraded UFP Industries from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.50.

UFP Industries 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.