Principal Financial Group Inc. Decreases Position in UFP Industries, Inc. (NASDAQ:UFPI)

Principal Financial Group Inc. trimmed its holdings in shares of UFP Industries, Inc. (NASDAQ:UFPI) by 29.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 160,087 shares of the construction company’s stock after selling 68,207 shares during the period. Principal Financial Group Inc.’s holdings in UFP Industries were worth $21,005,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of UFPI. Signaturefd LLC increased its stake in shares of UFP Industries by 31.8% in the third quarter. Signaturefd LLC now owns 315 shares of the construction company’s stock worth $41,000 after buying an additional 76 shares during the period. Meeder Asset Management Inc. grew its holdings in UFP Industries by 0.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 14,556 shares of the construction company’s stock worth $1,630,000 after acquiring an additional 105 shares during the last quarter. Cadence Bank increased its position in shares of UFP Industries by 0.6% in the first quarter. Cadence Bank now owns 19,464 shares of the construction company’s stock valued at $2,394,000 after acquiring an additional 110 shares during the period. SummerHaven Investment Management LLC raised its stake in shares of UFP Industries by 1.7% during the second quarter. SummerHaven Investment Management LLC now owns 7,732 shares of the construction company’s stock valued at $866,000 after acquiring an additional 130 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of UFP Industries by 25.8% during the third quarter. GAMMA Investing LLC now owns 644 shares of the construction company’s stock worth $84,000 after purchasing an additional 132 shares during the period. 81.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on UFPI shares. BMO Capital Markets boosted their price target on UFP Industries from $115.00 to $125.00 and gave the company a “market perform” rating in a report on Wednesday, July 31st. Benchmark lifted their price objective on UFP Industries from $133.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Stifel Nicolaus upped their target price on UFP Industries from $125.00 to $157.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Wedbush reiterated an “outperform” rating and issued a $155.00 price target on shares of UFP Industries in a report on Monday, November 4th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.00.

UFP Industries Stock Performance

UFP Industries stock opened at $131.62 on Thursday. UFP Industries, Inc. has a fifty-two week low of $106.30 and a fifty-two week high of $139.54. The stock’s 50 day simple moving average is $128.76 and its two-hundred day simple moving average is $121.75. 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 stock has a market cap of $7.99 billion, a price-to-earnings ratio of 18.10 and a beta of 1.39.

UFP Industries (NASDAQ:UFPI) last released its quarterly earnings results on Monday, October 28th. The construction company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.25). The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.76 billion. UFP Industries had a net margin of 6.70% and a return on equity of 14.45%. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.10 earnings per share. As a group, analysts expect that UFP Industries, Inc. will post 7.01 earnings per share for the current fiscal year.

UFP Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Monday, December 2nd. UFP Industries’s dividend payout ratio is presently 18.16%.

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.