UFP Industries (NASDAQ:UFPI) Shares Gap Down on Disappointing Earnings

Shares of UFP Industries, Inc. (NASDAQ:UFPI) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $116.35, but opened at $113.00. UFP Industries shares last traded at $113.22, with a volume of 34,320 shares traded.

The construction company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.04). The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.43 billion. UFP Industries had a net margin of 6.23% and a return on equity of 13.35%.

UFP Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.35 dividend. This is a positive change from UFP Industries’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Monday, March 3rd. UFP Industries’s payout ratio is currently 19.50%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. StockNews.com lowered UFP Industries from a “buy” rating to a “hold” rating in a research note on Wednesday. Wedbush reiterated an “outperform” rating and set a $155.00 target price on shares of UFP Industries in a report on Monday, November 4th. Finally, Benchmark reiterated a “buy” rating and set a $135.00 target price on shares of UFP Industries in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $143.00.

Insiders Place Their Bets

In other UFP Industries news, CEO Matthew J. Missad sold 15,000 shares of UFP Industries stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $131.03, for a total transaction of $1,965,450.00. Following the sale, the chief executive officer now directly owns 314,450 shares in the company, valued at $41,202,383.50. The trade was a 4.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William G. Currie sold 5,700 shares of UFP Industries stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $126.59, for a total value of $721,563.00. Following the sale, the director now owns 61,140 shares in the company, valued at $7,739,712.60. This represents a 8.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.58% of the stock is owned by company insiders.

Institutional Investors Weigh In On UFP Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Signaturefd LLC increased its holdings in shares of UFP Industries by 31.8% in the 3rd quarter. Signaturefd LLC now owns 315 shares of the construction company’s stock valued at $41,000 after acquiring an additional 76 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of UFP Industries by 1,683.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 535 shares of the construction company’s stock valued at $60,000 after acquiring an additional 505 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of UFP Industries by 357.8% in the 4th quarter. Jones Financial Companies Lllp now owns 531 shares of the construction company’s stock valued at $60,000 after acquiring an additional 415 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of UFP Industries in the 4th quarter valued at approximately $61,000. Finally, Principal Securities Inc. increased its holdings in shares of UFP Industries by 39.8% in the 4th quarter. Principal Securities Inc. now owns 615 shares of the construction company’s stock valued at $69,000 after acquiring an additional 175 shares during the last quarter. 81.81% of the stock is currently owned by hedge funds and other institutional investors.

UFP Industries Stock Down 2.7 %

The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.25 and a current ratio of 4.31. The firm has a market capitalization of $6.67 billion, a P/E ratio of 16.22 and a beta of 1.45. The stock has a fifty day moving average price of $115.46 and a two-hundred day moving average price of $123.18.

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.