Norges Bank Takes Position in UFP Industries, Inc. (NASDAQ:UFPI)

Norges Bank bought a new position in UFP Industries, Inc. (NASDAQ:UFPI) in the fourth quarter, HoldingsChannel reports. The firm bought 738,122 shares of the construction company’s stock, valued at approximately $83,149,000.

Several other large investors have also recently modified their holdings of UFPI. CIBC Asset Management Inc boosted its position in shares of UFP Industries by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 1,895 shares of the construction company’s stock valued at $213,000 after buying an additional 97 shares during the period. Robertson Stephens Wealth Management LLC lifted its stake in shares of UFP Industries by 5.7% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 1,914 shares of the construction company’s stock worth $216,000 after acquiring an additional 104 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in UFP Industries by 2.4% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,382 shares of the construction company’s stock valued at $494,000 after acquiring an additional 104 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its position in UFP Industries by 6.2% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,796 shares of the construction company’s stock valued at $202,000 after acquiring an additional 105 shares during the last quarter. Finally, Highland Capital Management LLC increased its stake in UFP Industries by 6.6% in the fourth quarter. Highland Capital Management LLC now owns 2,222 shares of the construction company’s stock worth $250,000 after purchasing an additional 138 shares during the period. Institutional investors own 81.81% of the company’s stock.

UFP Industries Price Performance

UFPI opened at $109.10 on Thursday. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of 16.12 and a beta of 1.45. The company has a current ratio of 4.88, a quick ratio of 3.25 and a debt-to-equity ratio of 0.07. UFP Industries, Inc. has a 12-month low of $102.35 and a 12-month high of $141.33. The business’s fifty day simple moving average is $110.97 and its 200-day simple moving average is $120.91.

UFP Industries (NASDAQ:UFPI) last issued its earnings results on Monday, February 17th. The construction company reported $1.20 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $1.43 billion. On average, equities research analysts anticipate that UFP Industries, Inc. will post 7.08 earnings per share for the current fiscal year.

UFP Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.35 dividend. This is an increase from UFP Industries’s previous quarterly dividend of $0.33. The ex-dividend date was Monday, March 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 1.28%. UFP Industries’s payout ratio is 20.68%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Benchmark reissued a “buy” rating and set a $135.00 target price on shares of UFP Industries in a research note on Wednesday, February 19th. StockNews.com downgraded shares of UFP Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.00.

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.