UFP Industries (NASDAQ:UFPI) Shares Gap Down After Earnings Miss

UFP Industries, Inc. (NASDAQ:UFPI - Get Free Report)'s stock price gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $131.57, but opened at $121.72. UFP Industries shares last traded at $120.93, with a volume of 34,269 shares trading hands.

The construction company reported $1.64 earnings per share for the quarter, missing analysts' consensus estimates of $1.89 by ($0.25). The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.76 billion. UFP Industries had a return on equity of 15.86% and a net margin of 7.02%. The company's revenue was down 9.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.10 earnings per share.

Analyst Ratings Changes

A number of equities research analysts have commented on UFPI shares. Wedbush upgraded UFP Industries from a "neutral" rating to an "outperform" rating and upped their price target for the company from $120.00 to $155.00 in a research report on Tuesday, October 8th. Benchmark upped 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. BMO Capital Markets raised their price target on shares of UFP Industries from $115.00 to $125.00 and gave the stock a "market perform" rating in a report on Wednesday, July 31st. StockNews.com lowered shares of UFP Industries from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 5th. Finally, Stifel Nicolaus increased their price objective on shares of UFP Industries from $125.00 to $157.00 and gave the stock a "buy" rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $139.60.

Institutional Trading of UFP Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UFPI. Foundry Partners LLC raised its position in shares of UFP Industries by 13.1% during the first quarter. Foundry Partners LLC now owns 39,107 shares of the construction company's stock worth $4,811,000 after purchasing an additional 4,526 shares during the period. Nordea Investment Management AB grew its holdings in shares of UFP Industries by 28.6% during the first quarter. Nordea Investment Management AB now owns 114,762 shares of the construction company's stock valued at $14,150,000 after buying an additional 25,508 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of UFP Industries by 299.5% during the second quarter. Harbor Capital Advisors Inc. now owns 6,132 shares of the construction company's stock worth $687,000 after acquiring an additional 4,597 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of UFP Industries in the 1st quarter worth about $1,214,000. Finally, Empowered Funds LLC lifted its position in UFP Industries by 14.9% in the 1st quarter. Empowered Funds LLC now owns 56,562 shares of the construction company's stock valued at $6,958,000 after acquiring an additional 7,320 shares in the last quarter. 81.81% of the stock is owned by institutional investors.

UFP Industries Price Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 4.34 and a quick ratio of 3.18. The company has a fifty day moving average of $126.83 and a 200-day moving average of $120.53. The firm has a market cap of $7.60 billion, a P/E ratio of 15.30 and a beta of 1.39.

UFP Industries Company 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.