UFP Industries, Inc. (NASDAQ:UFPI) Declares $0.33 Quarterly Dividend

UFP Industries, Inc. (NASDAQ:UFPI) declared a quarterly dividend on Wednesday, July 24th, Wall Street Journal reports. Shareholders of record on Monday, September 2nd will be given a dividend of 0.33 per share by the construction company on Monday, September 16th. This represents a $1.32 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Friday, August 30th.

UFP Industries has increased its dividend by an average of 30.1% per year over the last three years. UFP Industries has a payout ratio of 16.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect UFP Industries to earn $7.87 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 16.8%.

UFP Industries Stock Down 0.1 %

Shares of UFPI stock traded down $0.11 on Wednesday, reaching $121.33. 31,285 shares of the stock were exchanged, compared to its average volume of 282,379. The company has a market capitalization of $7.39 billion, a price-to-earnings ratio of 15.10 and a beta of 1.40. The business’s 50 day moving average price is $118.28 and its 200 day moving average price is $117.12. The company has a current ratio of 4.34, a quick ratio of 3.18 and a debt-to-equity ratio of 0.07. UFP Industries has a twelve month low of $90.62 and a twelve month high of $136.93.

UFP Industries (NASDAQ:UFPI) last issued its quarterly earnings data on Tuesday, July 30th. The construction company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.02. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.87 billion. UFP Industries had a return on equity of 15.86% and a net margin of 7.02%. The business’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same quarter last year, the company posted $2.36 earnings per share. As a group, sell-side analysts expect that UFP Industries will post 7.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Patrick M. Benton sold 11,725 shares of UFP Industries stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $115.27, for a total transaction of $1,351,540.75. Following the completion of the transaction, the insider now owns 97,729 shares of the company’s stock, valued at approximately $11,265,221.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.58% of the stock is owned by company insiders.

Analysts Set New Price Targets

UFPI has been the subject of a number of research reports. Stifel Nicolaus upped their target price on shares of UFP Industries from $125.00 to $157.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. BMO Capital Markets boosted their price objective on shares of UFP Industries from $115.00 to $125.00 and gave the company a “market perform” rating in a research note on Wednesday, July 31st. Wedbush restated a “neutral” rating and issued a $120.00 target price (up previously from $102.00) on shares of UFP Industries in a research note on Tuesday, July 30th. Benchmark boosted their price target on shares of UFP Industries from $133.00 to $155.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, StockNews.com cut UFP Industries from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 5th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $132.60.

About UFP Industries

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.