UFP Industries (NASDAQ:UFPI) Earns “Buy” Rating from DA Davidson

UFP Industries (NASDAQ:UFPI)‘s stock had its “buy” rating reissued by equities researchers at DA Davidson in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $105.00 target price on the construction company’s stock. DA Davidson‘s price objective would indicate a potential upside of 30.98% from the company’s previous close.

Several other research analysts have also recently issued reports on UFPI. Stifel Nicolaus set a $85.00 target price on shares of UFP Industries and gave the stock a “hold” rating in a report on Monday. Oppenheimer initiated coverage on UFP Industries in a research report on Wednesday, September 30th. They set a “market perform” rating on the stock. Zacks Research raised UFP Industries from a “strong sell” rating to a “hold” rating in a research report on Friday, July 31st. Finally, Weiss Ratings downgraded shares of UFP Industries from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, October 12th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.25.

UFP Industries Price Performance

Shares of NASDAQ UFPI traded down $0.77 during mid-day trading on Tuesday, reaching $80.16. 58,328 shares of the company were exchanged, compared to its average volume of 439,198. The company has a quick ratio of 2.64, a current ratio of 3.98 and a debt-to-equity ratio of 0.07. The company’s 50 day moving average price is $81.40 and its 200 day moving average price is $90.05. UFP Industries has a 52 week low of $73.72 and a 52 week high of $118.00. The stock has a market capitalization of $4.42 billion, a PE ratio of 18.38 and a beta of 1.22.

UFP Industries (NASDAQ:UFPI) last released its quarterly earnings results on Wednesday, July 29th. The construction company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.11. UFP Industries had a return on equity of 8.00% and a net margin of 3.99%. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.79 billion. Sell-side analysts forecast that UFP Industries will post 4.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On UFP Industries

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of UFP Industries in the second quarter worth about $688,063,000. Deprince Race & Zollo Inc. lifted its position in shares of UFP Industries by 27.1% during the first quarter. Deprince Race & Zollo Inc. now owns 579,797 shares of the construction company’s stock valued at $53,411,000 after buying an additional 123,500 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in UFP Industries in the second quarter worth $34,067,000. Bank of America Corp DE purchased a new stake in shares of UFP Industries during the second quarter worth about $25,529,000. Finally, Sei Investments Co. raised its holdings in shares of UFP Industries by 19.1% in the first quarter. Sei Investments Co. now owns 262,394 shares of the construction company’s stock worth $24,171,000 after buying an additional 42,171 shares during the last quarter. 81.81% of the stock is currently owned by institutional investors.

UFP Industries Company Profile

UFP Industries, Inc is a diversified manufacturer and distributor of wood, composite and other products serving the retail, construction and industrial markets. The company supplies materials and components used in outdoor living, residential and commercial construction, manufactured housing, packaging and a range of industrial applications.

Its products include treated lumber, decking, fencing, landscaping products, roof trusses, wall panels, wood components, pallets, crates, specialty packaging and other custom-engineered products.