Mackay Shields LLC purchased a new stake in Universal Forest Products, Inc. (NASDAQ:UFPI) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 109,500 shares of the construction company’s stock, valued at approximately $4,367,000. Mackay Shields LLC owned about 0.18% of Universal Forest Products at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Quest Capital Management Inc. ADV acquired a new stake in Universal Forest Products in the third quarter valued at $25,000. Capital Investment Advisory Services LLC acquired a new stake in Universal Forest Products in the third quarter valued at $29,000. Point72 Asset Management L.P. acquired a new stake in Universal Forest Products in the second quarter valued at $38,000. Versant Capital Management Inc lifted its stake in Universal Forest Products by 31.8% in the third quarter. Versant Capital Management Inc now owns 1,037 shares of the construction company’s stock valued at $41,000 after acquiring an additional 250 shares during the last quarter. Finally, Advisory Services Network LLC lifted its stake in Universal Forest Products by 1,147.1% in the second quarter. Advisory Services Network LLC now owns 1,060 shares of the construction company’s stock valued at $40,000 after acquiring an additional 975 shares during the last quarter. Hedge funds and other institutional investors own 80.41% of the company’s stock.
Shares of NASDAQ UFPI traded down $0.23 during mid-day trading on Friday, reaching $50.05. 396,800 shares of the company were exchanged, compared to its average volume of 287,655. The stock has a market capitalization of $3.21 billion, a P/E ratio of 21.48 and a beta of 1.88. The company has a quick ratio of 1.59, a current ratio of 2.83 and a debt-to-equity ratio of 0.18. The company’s 50-day simple moving average is $43.56 and its 200-day simple moving average is $38.86. Universal Forest Products, Inc. has a twelve month low of $24.14 and a twelve month high of $52.83.
Universal Forest Products (NASDAQ:UFPI) last posted its earnings results on Wednesday, October 23rd. The construction company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.76 by $0.08. Universal Forest Products had a net margin of 3.91% and a return on equity of 14.91%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the company earned $0.66 EPS. The firm’s revenue was down 4.0% compared to the same quarter last year. As a group, equities research analysts expect that Universal Forest Products, Inc. will post 2.91 EPS for the current year.
In related news, EVP Robert D. Coleman sold 10,000 shares of Universal Forest Products stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $42.50, for a total transaction of $425,000.00. Following the sale, the executive vice president now directly owns 1,200 shares in the company, valued at approximately $51,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Donald L. James sold 6,000 shares of Universal Forest Products stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $51.31, for a total transaction of $307,860.00. Following the sale, the vice president now owns 21,917 shares in the company, valued at $1,124,561.27. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,270 shares of company stock worth $1,763,652. 3.77% of the stock is owned by corporate insiders.
A number of brokerages have commented on UFPI. BidaskClub upgraded shares of Universal Forest Products from a “sell” rating to a “hold” rating in a research note on Wednesday, October 9th. BMO Capital Markets raised their target price on shares of Universal Forest Products to $44.00 in a research note on Monday, October 28th. They noted that the move was a valuation call. DA Davidson raised their target price on shares of Universal Forest Products to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, ValuEngine cut shares of Universal Forest Products from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st.
About Universal Forest Products
Universal Forest Products, Inc, through its subsidiaries, designs, manufactures, and markets wood and wood-alternative products in North America, Europe, Asia, and Australia. The company offers preserved and unpreserved dimensional lumber; outdoor living products, including wood and wood composite decking and related accessories, and decorative lawn and garden products; and engineered wood components, which include roof and floor trusses, wall panels, engineered floor systems, I-joists, and lumber packages.
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