Corebridge Financial Inc. Cuts Stake in UFP Industries, Inc. $UFPI

Corebridge Financial Inc. reduced its position in UFP Industries, Inc. (NASDAQ:UFPI) by 2.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 95,925 shares of the construction company’s stock after selling 2,453 shares during the period. Corebridge Financial Inc.’s holdings in UFP Industries were worth $10,268,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of UFP Industries by 17.9% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,751,399 shares of the construction company’s stock valued at $401,550,000 after buying an additional 568,741 shares during the last quarter. Comerica Bank boosted its holdings in UFP Industries by 4.9% in the first quarter. Comerica Bank now owns 33,721 shares of the construction company’s stock valued at $3,609,000 after purchasing an additional 1,572 shares during the last quarter. Synovus Financial Corp boosted its holdings in UFP Industries by 8.3% in the first quarter. Synovus Financial Corp now owns 6,181 shares of the construction company’s stock valued at $662,000 after purchasing an additional 474 shares during the last quarter. Cadence Bank boosted its holdings in UFP Industries by 4.4% in the first quarter. Cadence Bank now owns 19,821 shares of the construction company’s stock valued at $2,122,000 after purchasing an additional 827 shares during the last quarter. Finally, Advantage Alpha Capital Partners LP boosted its holdings in UFP Industries by 32.8% in the first quarter. Advantage Alpha Capital Partners LP now owns 43,306 shares of the construction company’s stock valued at $4,637,000 after purchasing an additional 10,696 shares during the last quarter. 81.81% of the stock is owned by hedge funds and other institutional investors.

UFP Industries Trading Down 1.6%

Shares of UFP Industries stock opened at $103.29 on Thursday. The firm has a 50-day simple moving average of $102.11 and a two-hundred day simple moving average of $103.52. The company has a market cap of $6.05 billion, a P/E ratio of 17.93 and a beta of 1.43. UFP Industries, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $141.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.16 and a current ratio of 4.54.

UFP Industries (NASDAQ:UFPI) last issued its quarterly earnings data on Monday, July 28th. The construction company reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.25). The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.85 billion. UFP Industries had a return on equity of 10.95% and a net margin of 5.31%.The company’s revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the company posted $2.05 EPS. As a group, equities analysts predict that UFP Industries, Inc. will post 7.08 earnings per share for the current fiscal year.

UFP Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be given a $0.35 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.4%. UFP Industries’s dividend payout ratio is 24.31%.

Analyst Ratings Changes

Several research firms have commented on UFPI. Loop Capital began coverage on shares of UFP Industries in a report on Wednesday, July 23rd. They issued a “hold” rating and a $112.00 price target on the stock. Zacks Research lowered shares of UFP Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 19th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $134.00.

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.