Fifth Third Bancorp Raises Holdings in UFP Industries, Inc. (NASDAQ:UFPI)

Fifth Third Bancorp increased its position in UFP Industries, Inc. (NASDAQ:UFPI) by 6.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 7,440 shares of the construction company’s stock after acquiring an additional 427 shares during the quarter. Fifth Third Bancorp’s holdings in UFP Industries were worth $833,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of UFP Industries in the fourth quarter worth $86,885,000. Wells Fargo & Company MN lifted its holdings in shares of UFP Industries by 871.3% in the fourth quarter. Wells Fargo & Company MN now owns 412,116 shares of the construction company’s stock worth $51,741,000 after buying an additional 369,687 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of UFP Industries in the first quarter valued at approximately $18,245,000. Henrickson Nauta Wealth Advisors Inc. grew its stake in UFP Industries by 82.3% during the first quarter. Henrickson Nauta Wealth Advisors Inc. now owns 252,893 shares of the construction company’s stock valued at $29,007,000 after acquiring an additional 114,166 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in UFP Industries during the 1st quarter worth approximately $6,991,000. 81.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling at UFP Industries

In other news, insider Patrick M. Benton sold 11,725 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $115.27, for a total value of $1,351,540.75. Following the transaction, the insider now owns 97,729 shares in the company, valued at $11,265,221.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on UFPI. StockNews.com lowered shares of UFP Industries from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 5th. Benchmark raised their price target on UFP Industries from $133.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Wedbush reiterated a “neutral” rating and set a $120.00 price target (up previously from $102.00) on shares of UFP Industries in a research report on Tuesday, July 30th. Stifel Nicolaus upped their price objective on shares of UFP Industries from $125.00 to $157.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, BMO Capital Markets lifted their target price on shares of UFP Industries from $115.00 to $125.00 and gave the company a “market perform” rating in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, UFP Industries presently has an average rating of “Moderate Buy” and a consensus price target of $132.60.

UFP Industries Trading Down 1.4 %

UFPI stock opened at $119.14 on Friday. UFP Industries, Inc. has a one year low of $90.62 and a one year high of $136.93. The company has a market capitalization of $7.26 billion, a PE ratio of 14.82 and a beta of 1.40. The company’s 50 day moving average price is $117.75 and its two-hundred day moving average price is $116.94. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.18 and a current ratio of 4.34.

UFP Industries (NASDAQ:UFPI) last posted its quarterly earnings results on Tuesday, July 30th. The construction company reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.02. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.87 billion. UFP Industries had a net margin of 7.02% and a return on equity of 15.86%. The firm’s revenue for the quarter was down 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.36 earnings per share. As a group, analysts predict that UFP Industries, Inc. will post 7.3 earnings per share for the current fiscal year.

UFP Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be paid a $0.33 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.32 dividend on an annualized basis and a yield of 1.11%. UFP Industries’s dividend payout ratio (DPR) is currently 16.42%.

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.