FY2024 Earnings Forecast for UFP Industries, Inc. (NASDAQ:UFPI) Issued By DA Davidson

UFP Industries, Inc. (NASDAQ:UFPI) – Stock analysts at DA Davidson cut their FY2024 earnings estimates for shares of UFP Industries in a report released on Wednesday, May 1st. DA Davidson analyst K. Yinger now forecasts that the construction company will post earnings of $7.54 per share for the year, down from their previous forecast of $7.68. The consensus estimate for UFP Industries’ current full-year earnings is $7.37 per share.

UFP Industries (NASDAQ:UFPI) last posted its quarterly earnings results on Tuesday, April 30th. The construction company reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.34. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.71 billion. UFP Industries had a return on equity of 17.07% and a net margin of 7.24%. UFP Industries’s quarterly revenue was down 10.1% on a year-over-year basis. During the same quarter last year, the company posted $1.98 earnings per share.

UFPI has been the topic of a number of other research reports. Benchmark dropped their price target on UFP Industries from $137.00 to $133.00 and set a “buy” rating on the stock in a research note on Wednesday. Wedbush reissued a “neutral” rating and issued a $102.00 price objective on shares of UFP Industries in a research report on Thursday, February 22nd. StockNews.com cut shares of UFP Industries from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 4th. Finally, Stifel Nicolaus upped their price target on shares of UFP Industries from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $113.20.

UFP Industries Stock Performance

UFPI opened at $116.65 on Friday. The company has a quick ratio of 3.12, a current ratio of 4.79 and a debt-to-equity ratio of 0.07. UFP Industries has a 12-month low of $77.47 and a 12-month high of $128.65. The business has a 50 day moving average of $115.89 and a 200-day moving average of $113.89. The stock has a market cap of $7.18 billion, a price-to-earnings ratio of 14.51 and a beta of 1.47.

UFP Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Friday, May 31st. UFP Industries’s dividend payout ratio is 16.42%.

Insiders Place Their Bets

In other UFP Industries news, CEO Matthew J. Missad sold 5,018 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $114.05, for a total transaction of $572,302.90. Following the transaction, the chief executive officer now owns 363,328 shares in the company, valued at approximately $41,437,558.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.58% of the company’s stock.

Institutional Trading of UFP Industries

A number of institutional investors have recently modified their holdings of UFPI. Commonwealth Equity Services LLC grew its stake in UFP Industries by 14.8% during the third quarter. Commonwealth Equity Services LLC now owns 12,042 shares of the construction company’s stock worth $1,233,000 after buying an additional 1,554 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in UFP Industries by 1.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 16,251 shares of the construction company’s stock valued at $1,664,000 after acquiring an additional 234 shares during the last quarter. Raymond James & Associates raised its position in UFP Industries by 59.6% during the third quarter. Raymond James & Associates now owns 80,677 shares of the construction company’s stock valued at $8,261,000 after purchasing an additional 30,142 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in UFP Industries by 48.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 5,814 shares of the construction company’s stock valued at $595,000 after purchasing an additional 1,903 shares in the last quarter. Finally, Argent Capital Management LLC lifted its stake in UFP Industries by 27.3% during the third quarter. Argent Capital Management LLC now owns 4,008 shares of the construction company’s stock worth $410,000 after purchasing an additional 860 shares during the last quarter. 81.81% of the stock is currently owned by institutional investors.

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.