Envestnet Asset Management Inc. Cuts Position in UFP Industries, Inc. (NASDAQ:UFPI)

Envestnet Asset Management Inc. decreased its position in shares of UFP Industries, Inc. (NASDAQ:UFPI) by 10.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 87,745 shares of the construction company’s stock after selling 10,002 shares during the period. Envestnet Asset Management Inc. owned approximately 0.14% of UFP Industries worth $9,827,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new position in shares of UFP Industries during the 2nd quarter valued at about $29,000. Rise Advisors LLC purchased a new position in shares of UFP Industries during the first quarter worth approximately $33,000. Opal Wealth Advisors LLC bought a new stake in shares of UFP Industries in the 1st quarter worth approximately $33,000. Triad Wealth Partners LLC purchased a new stake in shares of UFP Industries in the 2nd quarter valued at $56,000. Finally, GAMMA Investing LLC grew its holdings 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 purchasing an additional 234 shares during the last quarter. Institutional investors own 81.81% of the company’s stock.

UFP Industries Stock Up 0.4 %

Shares of NASDAQ:UFPI opened at $129.61 on Friday. The stock’s 50-day moving average is $122.00 and its 200 day moving average is $118.20. The company has a market cap of $7.90 billion, a PE ratio of 16.12 and a beta of 1.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.34 and a quick ratio of 3.18. UFP Industries, Inc. has a 1 year low of $90.62 and a 1 year high of $136.93.

UFP Industries (NASDAQ:UFPI) last posted its earnings results on Tuesday, July 30th. The construction company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.02. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.87 billion. UFP Industries had a return on equity of 15.86% and a net margin of 7.02%. The business’s revenue was down 6.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.36 earnings per share. Sell-side analysts anticipate that UFP Industries, Inc. will post 7.27 EPS for the current year.

UFP Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 2nd were issued a $0.33 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.32 annualized dividend and a yield of 1.02%. UFP Industries’s dividend payout ratio (DPR) is presently 16.42%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Wedbush reissued a “neutral” rating and issued a $120.00 price target (up from $102.00) on shares of UFP Industries in a research note on Tuesday, July 30th. StockNews.com lowered UFP Industries from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 5th. Benchmark increased their target price on UFP Industries from $133.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Stifel Nicolaus lifted their price target on UFP Industries from $125.00 to $157.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, BMO Capital Markets increased their price objective on UFP Industries from $115.00 to $125.00 and gave the company a “market perform” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $132.60.

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.