Bank of New York Mellon Corp Grows Stake in UFP Industries, Inc. (NASDAQ:UFPI)

Bank of New York Mellon Corp raised its position in UFP Industries, Inc. (NASDAQ:UFPI - Free Report) by 4.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 577,832 shares of the construction company's stock after purchasing an additional 25,126 shares during the quarter. Bank of New York Mellon Corp owned 0.95% of UFP Industries worth $65,093,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in UFPI. FMR LLC raised its holdings in shares of UFP Industries by 13.4% in the third quarter. FMR LLC now owns 1,635,577 shares of the construction company's stock worth $214,604,000 after buying an additional 193,891 shares during the period. Geode Capital Management LLC increased its stake in UFP Industries by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,528,221 shares of the construction company's stock worth $200,553,000 after purchasing an additional 14,857 shares during the period. Franklin Resources Inc. increased its stake in UFP Industries by 18.2% in the third quarter. Franklin Resources Inc. now owns 1,225,972 shares of the construction company's stock worth $169,675,000 after purchasing an additional 188,969 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of UFP Industries by 3.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 919,018 shares of the construction company's stock worth $102,158,000 after purchasing an additional 31,381 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of UFP Industries by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 769,841 shares of the construction company's stock valued at $101,011,000 after purchasing an additional 4,006 shares during the period. Institutional investors own 81.81% of the company's stock.

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Analysts Set New Price Targets

Several research analysts recently commented on the stock. Benchmark reaffirmed a "buy" rating and issued a $135.00 price target on shares of UFP Industries in a research note on Wednesday, February 19th. StockNews.com lowered shares of UFP Industries from a "buy" rating to a "hold" rating in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $143.00.

Insider Activity

In related news, Director William G. Currie sold 5,700 shares of the firm's stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $126.59, for a total transaction of $721,563.00. Following the sale, the director now owns 61,140 shares of the company's stock, valued at $7,739,712.60. This trade represents a 8.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.58% of the company's stock.

UFP Industries Stock Up 1.4 %

NASDAQ:UFPI traded up $1.45 during mid-day trading on Friday, reaching $108.74. The company's stock had a trading volume of 151,689 shares, compared to its average volume of 279,617. The company has a quick ratio of 3.25, a current ratio of 4.88 and a debt-to-equity ratio of 0.07. UFP Industries, Inc. has a 1 year low of $102.35 and a 1 year high of $141.33. The stock has a fifty day moving average of $113.08 and a 200-day moving average of $122.31. The firm has a market capitalization of $6.60 billion, a PE ratio of 16.06 and a beta of 1.45.

UFP Industries (NASDAQ:UFPI - Get Free Report) last announced its quarterly earnings results on Monday, February 17th. The construction company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.04). UFP Industries had a return on equity of 13.24% and a net margin of 6.23%. The business had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.43 billion. Equities research analysts forecast that UFP Industries, Inc. will post 7.08 earnings per share for the current year.

UFP Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Monday, March 3rd. This is a boost from UFP Industries's previous quarterly dividend of $0.33. UFP Industries's dividend payout ratio (DPR) is 20.68%.

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.