CIBC Asset Management Inc Takes Position in UFP Industries, Inc. (NASDAQ:UFPI)

CIBC Asset Management Inc purchased a new position in shares of UFP Industries, Inc. (NASDAQ:UFPI) in the third quarter, Holdings Channel.com reports. The fund purchased 1,798 shares of the construction company’s stock, valued at approximately $236,000.

Other institutional investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its position in UFP Industries by 216.3% in the third quarter. Assenagon Asset Management S.A. now owns 202,124 shares of the construction company’s stock valued at $26,521,000 after purchasing an additional 138,215 shares during the period. AQR Capital Management LLC grew its holdings in UFP Industries by 22.7% during the 2nd quarter. AQR Capital Management LLC now owns 608,187 shares of the construction company’s stock worth $67,594,000 after acquiring an additional 112,518 shares in the last quarter. Picton Mahoney Asset Management raised its stake in UFP Industries by 103.3% in the second quarter. Picton Mahoney Asset Management now owns 115,549 shares of the construction company’s stock valued at $12,941,000 after buying an additional 58,724 shares in the last quarter. F M Investments LLC acquired a new stake in shares of UFP Industries during the 2nd quarter worth about $6,028,000. Finally, Cubist Systematic Strategies LLC boosted its holdings in shares of UFP Industries by 289.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 56,966 shares of the construction company’s stock valued at $6,380,000 after buying an additional 42,341 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 $133.07 on Friday. The firm has a 50 day simple moving average of $130.63 and a 200-day simple moving average of $122.32. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.31 and a quick ratio of 3.25. The firm has a market cap of $8.08 billion, a PE ratio of 18.30 and a beta of 1.39. UFP Industries, Inc. has a 1-year low of $107.49 and a 1-year high of $139.54.

UFP Industries (NASDAQ:UFPI) last announced its quarterly earnings data on Monday, October 28th. The construction company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.25). UFP Industries had a return on equity of 14.45% and a net margin of 6.70%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the company earned $2.10 earnings per share. The company’s revenue was down 9.8% on a year-over-year basis. On average, equities analysts expect that UFP Industries, Inc. will post 6.89 EPS for the current year.

UFP Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.33 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.32 annualized dividend and a yield of 0.99%. UFP Industries’s payout ratio is 18.16%.

Analyst Ratings Changes

Several brokerages have issued reports on UFPI. BMO Capital Markets raised their price objective on UFP Industries from $115.00 to $125.00 and gave the stock a “market perform” rating in a report on Wednesday, July 31st. Stifel Nicolaus lifted their price objective on UFP Industries from $125.00 to $157.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Benchmark raised their price objective on shares of UFP Industries from $133.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, Wedbush restated an “outperform” rating and issued a $155.00 price target on shares of UFP Industries in a research report on Monday, November 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $148.00.

About UFP Industries

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.