Universal Forest Products Upgraded by Zacks to “Outperform” (UFPI)
Universal Forest Products (NASDAQ:UFPI) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report released on Wednesday, ARN reports. The firm currently has a $59.00 price target on the stock. Zacks‘ price objective suggests a potential upside of 20.65% from the company’s current price.
Zacks‘ analyst wrote, “Universal Forest’s earnings more than doubled year over year to $0.71 per share in the third quarter 2013. Revenues grew 22% on the back of healthy performances at the five market segments. Going forward, management looks forward to improving its top-line growth by adding new customers and products to its portfolio. The recent hike of 5% in the annual dividend rate is consistent with the company’s policy of rewarding its shareholders. Also, expansion through development of industrial business, entry into markets without adding capacities and accretive acquisitions is being carried out. Addition of SE Panel assets in Nov 2013 will enable the company to gain easy access to concrete forming and construction industries of the southeastern region of the United States. Considering all these, we upgrade our recommendation on Universal Forest from Neutral to Outperform.”
Other equities research analysts have also recently issued reports about the stock. Analysts at DA Davidson downgraded shares of Universal Forest Products from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, October 17th. They now have a $52.00 price target on the stock, up previously from $46.00. They noted that the move was a valuation call. Separately, analysts at Sterne Agee downgraded shares of Universal Forest Products from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, October 17th. They now have a $47.00 price target on the stock, up previously from $45.00. Finally, analysts at Sterne Agee initiated coverage on shares of Universal Forest Products in a research note to investors on Friday, September 6th. They set a “buy” rating and a $45.00 price target on the stock.
In other Universal Forest Products news, Insider Robert W. Lees sold 2,800 shares of the company’s stock on the open market in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $48.29, for a total transaction of $135,212.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Universal Forest Products (NASDAQ:UFPI) traded up 2.09% on Wednesday, hitting $49.92. 104,173 shares of the company’s stock traded hands. Universal Forest Products has a 1-year low of $32.56 and a 1-year high of $45.60. The stock’s 50-day moving average is $39.59 and its 200-day moving average is $39.54. The company has a market cap of $990.7 million and a price-to-earnings ratio of 29.35.
Universal Forest Products (NASDAQ:UFPI) last issued its quarterly earnings data on Thursday, October 17th. The company reported $0.71 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.54 by $0.17. The company had revenue of $651.80 million for the quarter, compared to the consensus estimate of $625.77 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The company’s quarterly revenue was up 22.2% on a year-over-year basis. Analysts expect that Universal Forest Products will post $1.93 EPS for the current fiscal year.
The company also recently declared a semiannual dividend, which is scheduled for Sunday, December 15th. Stockholders of record on Sunday, December 1st will be given a dividend of $0.21 per share. This represents a yield of 0.88%. The ex-dividend date of this dividend is Tuesday, November 26th. This is a boost from Universal Forest Products’s previous semiannual dividend of $0.20.
Universal Forest Products, Inc is a holding company that provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products for retail building home centers and other retailers, structural lumber and other products for the manufactured housing industry, engineered wood components for the residential construction market, and specialty wood packaging and components and packing materials for various industries.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.