Zacks Research Comments on UFP Industries, Inc.’s Q1 2024 Earnings (NASDAQ:UFPI)

UFP Industries, Inc. (NASDAQ:UFPI) – Equities research analysts at Zacks Research increased their Q1 2024 earnings estimates for UFP Industries in a report released on Tuesday, April 16th. Zacks Research analyst A. Gupta now expects that the construction company will post earnings per share of $1.59 for the quarter, up from their previous forecast of $1.56. The consensus estimate for UFP Industries’ current full-year earnings is $7.39 per share. Zacks Research also issued estimates for UFP Industries’ Q4 2024 earnings at $1.63 EPS, FY2024 earnings at $7.34 EPS, Q2 2025 earnings at $2.33 EPS, Q1 2026 earnings at $2.00 EPS and FY2026 earnings at $8.61 EPS.

UFP Industries (NASDAQ:UFPI) last issued its quarterly earnings data on Tuesday, February 20th. The construction company reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.68 by ($0.06). The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.61 billion. UFP Industries had a net margin of 7.12% and a return on equity of 17.86%. The business’s quarterly revenue was down 20.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.10 earnings per share.

Several other brokerages also recently weighed in on UFPI. Wedbush restated a “neutral” rating and issued a $102.00 target price on shares of UFP Industries in a research note on Thursday, February 22nd. StockNews.com downgraded shares of UFP Industries from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 4th. Benchmark raised their target price on shares of UFP Industries from $120.00 to $137.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, Stifel Nicolaus raised their target price 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 analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

UFP Industries Price Performance

Shares of UFPI opened at $110.65 on Thursday. The company has a market cap of $6.81 billion, a price-to-earnings ratio of 13.73 and a beta of 1.49. UFP Industries has a twelve month low of $76.01 and a twelve month high of $128.65. The company has a quick ratio of 3.12, a current ratio of 4.41 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average of $116.32 and a two-hundred day moving average of $112.81.

UFP Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.33 per share. This is an increase from UFP Industries’s previous quarterly dividend of $0.20. This represents a $1.32 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Thursday, February 29th. UFP Industries’s payout ratio is presently 16.38%.

Insider Transactions at UFP Industries

In other news, CEO Matthew J. Missad sold 5,018 shares of UFP Industries stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 363,328 shares in the company, valued at $41,437,558.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.58% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in UFPI. American Century Companies Inc. raised its holdings in shares of UFP Industries by 13.3% during the first quarter. American Century Companies Inc. now owns 12,877 shares of the construction company’s stock worth $994,000 after purchasing an additional 1,513 shares during the last quarter. Citigroup Inc. raised its holdings in shares of UFP Industries by 4.7% during the first quarter. Citigroup Inc. now owns 64,448 shares of the construction company’s stock worth $4,972,000 after purchasing an additional 2,886 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of UFP Industries by 9.2% during the first quarter. PNC Financial Services Group Inc. now owns 9,374 shares of the construction company’s stock worth $722,000 after purchasing an additional 792 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of UFP Industries by 2.1% during the first quarter. Bank of Montreal Can now owns 17,664 shares of the construction company’s stock worth $1,445,000 after purchasing an additional 366 shares during the last quarter. Finally, MetLife Investment Management LLC raised its holdings in shares of UFP Industries by 54.6% during the first quarter. MetLife Investment Management LLC now owns 32,217 shares of the construction company’s stock worth $2,486,000 after purchasing an additional 11,377 shares during the last quarter. Hedge funds and other institutional investors own 81.81% of the company’s stock.

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.