Synovus Financial Corp Reduces Holdings in UFP Industries, Inc. (NASDAQ:UFPI)

Synovus Financial Corp lessened its holdings in UFP Industries, Inc. (NASDAQ:UFPI) by 2.1% during the 3rd quarter, Holdings Channel reports. The firm owned 6,205 shares of the construction company’s stock after selling 135 shares during the quarter. Synovus Financial Corp’s holdings in UFP Industries were worth $814,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of UFPI. Hsbc Holdings PLC raised its holdings in shares of UFP Industries by 233.2% in the second quarter. Hsbc Holdings PLC now owns 6,565 shares of the construction company’s stock worth $729,000 after acquiring an additional 4,595 shares during the last quarter. Raymond James & Associates raised its stake in UFP Industries by 16.2% in the 2nd quarter. Raymond James & Associates now owns 209,085 shares of the construction company’s stock valued at $23,417,000 after purchasing an additional 29,221 shares during the last quarter. Citigroup Inc. raised its stake in UFP Industries by 50.7% in the 3rd quarter. Citigroup Inc. now owns 119,426 shares of the construction company’s stock valued at $15,670,000 after purchasing an additional 40,162 shares during the last quarter. Blue Trust Inc. lifted its holdings in UFP Industries by 131.4% in the 2nd quarter. Blue Trust Inc. now owns 870 shares of the construction company’s stock valued at $107,000 after purchasing an additional 494 shares in the last quarter. Finally, Harfst & Associates Inc. boosted its stake in shares of UFP Industries by 2.8% during the 2nd quarter. Harfst & Associates Inc. now owns 22,848 shares of the construction company’s stock worth $2,559,000 after purchasing an additional 627 shares during the last quarter. 81.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wedbush reiterated an “outperform” rating and issued a $155.00 price target on shares of UFP Industries in a report on Monday, November 4th. StockNews.com raised UFP Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, UFP Industries presently has an average rating of “Moderate Buy” and an average target price of $148.00.

UFP Industries Trading Down 1.7 %

Shares of UFPI opened at $124.64 on Tuesday. UFP Industries, Inc. has a one year low of $107.49 and a one year high of $141.33. The stock has a 50-day moving average price of $131.83 and a 200 day moving average price of $124.00. 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 company has a market capitalization of $7.57 billion, a P/E ratio of 17.14 and a beta of 1.41.

UFP Industries (NASDAQ:UFPI) last issued its earnings results on Monday, October 28th. The construction company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.25). The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.76 billion. UFP Industries had a net margin of 6.70% and a return on equity of 14.45%. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.10 EPS. Sell-side analysts forecast that UFP Industries, Inc. will post 6.88 EPS for the current fiscal year.

UFP Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.33 dividend. The ex-dividend date was Monday, December 2nd. This represents a $1.32 dividend on an annualized basis and a yield of 1.06%. UFP Industries’s dividend payout ratio is currently 18.16%.

Insider Buying and Selling at UFP Industries

In other news, Director William G. Currie sold 5,700 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $126.59, for a total transaction of $721,563.00. Following the completion of the transaction, the director now owns 61,140 shares of the company’s stock, valued at approximately $7,739,712.60. The trade was a 8.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew J. Missad sold 15,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $131.03, for a total transaction of $1,965,450.00. Following the completion of the transaction, the chief executive officer now owns 314,450 shares of the company’s stock, valued at approximately $41,202,383.50. This trade represents a 4.55 % decrease in their position. The disclosure for this sale can be found here. 2.58% of the stock is currently owned by insiders.

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.