Universal Forest Products, Inc. (NASDAQ:UFPI) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totalling 841,900 shares, a decrease of 13.4% from the June 30th total of 972,300 shares. Approximately 1.4% of the company’s stock are sold short. Based on an average trading volume of 319,100 shares, the days-to-cover ratio is currently 2.6 days.
A number of equities research analysts have recently issued reports on UFPI shares. BMO Capital Markets upped their price objective on Universal Forest Products from $44.00 to $53.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Stifel Nicolaus upped their price objective on Universal Forest Products from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. ValuEngine cut Universal Forest Products from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 2nd. Zacks Investment Research cut Universal Forest Products from a “hold” rating to a “sell” rating and set a $43.00 price target on the stock. in a research note on Monday, April 13th. Finally, Benchmark increased their price target on Universal Forest Products from $56.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $51.83.
In other Universal Forest Products news, insider Patrick M. Benton sold 6,123 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $58.68, for a total transaction of $359,297.64. Following the completion of the transaction, the insider now owns 91,509 shares of the company’s stock, valued at approximately $5,369,748.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Allen T. Peters sold 1,767 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $50.51, for a total value of $89,251.17. Following the transaction, the chief operating officer now directly owns 130,558 shares of the company’s stock, valued at approximately $6,594,484.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,967 shares of company stock valued at $1,125,158. Insiders own 3.03% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in UFPI. Emerald Mutual Fund Advisers Trust acquired a new stake in Universal Forest Products in the second quarter valued at about $35,000. Ameritas Investment Company LLC acquired a new stake in Universal Forest Products in the first quarter valued at about $36,000. Pearl River Capital LLC acquired a new stake in Universal Forest Products in the first quarter valued at about $49,000. Meeder Asset Management Inc. boosted its stake in Universal Forest Products by 1,577.4% in the first quarter. Meeder Asset Management Inc. now owns 2,751 shares of the construction company’s stock valued at $103,000 after buying an additional 2,587 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Universal Forest Products during the first quarter valued at about $140,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.
UFPI stock opened at $58.22 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.84 and a quick ratio of 1.79. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 18.42 and a beta of 1.60. The business’s fifty day moving average price is $49.38 and its two-hundred day moving average price is $45.16. Universal Forest Products has a fifty-two week low of $29.17 and a fifty-two week high of $58.92.
Universal Forest Products (NASDAQ:UFPI) last released its earnings results on Wednesday, July 22nd. The construction company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.45. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.09 billion. Universal Forest Products had a return on equity of 15.39% and a net margin of 4.42%. Research analysts expect that Universal Forest Products will post 3.13 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Monday, August 31st. Universal Forest Products’s dividend payout ratio (DPR) is currently 17.18%.
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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