UFP Industries (NASDAQ:UFPI) Sets New 1-Year High – Here’s Why

UFP Industries, Inc. (NASDAQ:UFPI) hit a new 52-week high during trading on Wednesday . The stock traded as high as $116.71 and last traded at $114.3650, with a volume of 14518 shares. The stock had previously closed at $115.62.

Wall Street Analyst Weigh In

A number of analysts have weighed in on UFPI shares. Stifel Nicolaus set a $98.00 target price on shares of UFP Industries in a research note on Tuesday, December 2nd. DA Davidson raised UFP Industries from a “neutral” rating to a “buy” rating and lifted their price target for the company from $110.00 to $112.00 in a research note on Friday, October 31st. Weiss Ratings reiterated a “hold (c-)” rating on shares of UFP Industries in a research report on Tuesday, January 27th. Finally, Zacks Research upgraded shares of UFP Industries from a “strong sell” rating to a “hold” rating in a research report on Monday, January 19th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $114.25.

UFP Industries Stock Down 1.4%

The stock has a market cap of $6.64 billion, a price-to-earnings ratio of 20.97 and a beta of 1.49. The firm’s fifty day moving average price is $99.10 and its two-hundred day moving average price is $96.87. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.49 and a quick ratio of 3.23.

Insider Buying and Selling

In other news, Director Michael G. Wooldridge sold 1,192 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $93.43, for a total value of $111,368.56. Following the completion of the sale, the director directly owned 14,697 shares of the company’s stock, valued at $1,373,140.71. This represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Matthew J. Missad sold 11,000 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $92.26, for a total value of $1,014,860.00. Following the sale, the chairman owned 310,533 shares of the company’s stock, valued at $28,649,774.58. This trade represents a 3.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.56% of the company’s stock.

Institutional Investors Weigh In On UFP Industries

Large investors have recently made changes to their positions in the business. Royal Bank of Canada grew its position in UFP Industries by 3.0% during the first quarter. Royal Bank of Canada now owns 61,641 shares of the construction company’s stock valued at $6,597,000 after buying an additional 1,798 shares during the period. Integrated Wealth Concepts LLC boosted its stake in UFP Industries by 8.1% in the first quarter. Integrated Wealth Concepts LLC now owns 2,959 shares of the construction company’s stock valued at $317,000 after acquiring an additional 221 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of UFP Industries by 10.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 129,209 shares of the construction company’s stock worth $13,831,000 after purchasing an additional 12,043 shares during the last quarter. Truist Financial Corp increased its stake in shares of UFP Industries by 11.0% during the 2nd quarter. Truist Financial Corp now owns 4,905 shares of the construction company’s stock worth $487,000 after purchasing an additional 486 shares during the last quarter. Finally, Johnson Investment Counsel Inc. raised its holdings in shares of UFP Industries by 2.0% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 26,942 shares of the construction company’s stock worth $2,677,000 after purchasing an additional 517 shares during the period. 81.81% of the stock is owned by hedge funds and other institutional investors.

About UFP Industries

UFP Industries, Inc, founded in 1955 and headquartered in Grand Rapids, Michigan, designs, manufactures, and distributes a broad range of wood and wood-alternative products. The company operates through two primary segments: UFP Retail Solutions, which supplies building materials and components to home improvement retailers and lumber dealers, and UFP Distribution Solutions, which offers packaging, pallets, skids, and other industrial products for a variety of end markets. Its product portfolio includes treated and untreated lumber, engineered wood, decking, railing, fencing, vinyl sheets and profiles, and custom-designed packaging solutions.

With manufacturing facilities and distribution centers across the United States, Canada, Mexico and Europe, UFP Industries serves professional contractors, industrial customers, and do-it-yourself consumers.