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

Shares of UFP Industries, Inc. (NASDAQ:UFPI) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $131.57, but opened at $121.72. UFP Industries shares last traded at $120.93, with a volume of 34,269 shares changing hands.

The construction company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.89 by ($0.25). UFP Industries had a net margin of 7.02% and a return on equity of 15.86%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the company earned $2.10 earnings per share. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. BMO Capital Markets raised their price target on UFP Industries from $115.00 to $125.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 31st. Stifel Nicolaus lifted their price objective on UFP Industries from $125.00 to $157.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. StockNews.com lowered shares of UFP Industries from a “strong-buy” rating to a “buy” rating in a report on Friday, July 5th. Benchmark lifted their price target on shares of UFP Industries from $133.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Wedbush raised shares of UFP Industries from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $120.00 to $155.00 in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, UFP Industries has an average rating of “Moderate Buy” and an average price target of $139.60.

Institutional Trading of UFP Industries

A number of hedge funds have recently added to or reduced their stakes in UFPI. UMB Bank n.a. increased its stake in shares of UFP Industries by 300.0% during the 3rd quarter. UMB Bank n.a. now owns 192 shares of the construction company’s stock valued at $25,000 after acquiring an additional 144 shares during the last quarter. Headlands Technologies LLC acquired a new position in UFP Industries during the second quarter worth approximately $29,000. Signaturefd LLC raised its stake in UFP Industries by 31.8% during the third quarter. Signaturefd LLC now owns 315 shares of the construction company’s stock worth $41,000 after purchasing an additional 76 shares during the period. Triad Wealth Partners LLC acquired a new position in shares of UFP Industries in the 2nd quarter valued at $56,000. Finally, GAMMA Investing LLC grew its stake in shares of UFP Industries by 84.2% during the 2nd quarter. GAMMA Investing LLC now owns 512 shares of the construction company’s stock valued at $57,000 after buying an additional 234 shares during the period. 81.81% of the stock is owned by institutional investors and hedge funds.

UFP Industries Trading Down 6.5 %

The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.18 and a current ratio of 4.34. The firm has a market capitalization of $7.60 billion, a price-to-earnings ratio of 15.30 and a beta of 1.39. The business has a fifty day moving average price of $126.83 and a 200 day moving average price of $120.53.

UFP Industries Company 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.