UFP Technologies (NASDAQ:UFPT) Shares Gap Up Following Earnings Beat

UFP Technologies, Inc. (NASDAQ:UFPT) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $197.42, but opened at $217.88. UFP Technologies shares last traded at $212.34, with a volume of 36,655 shares trading hands.

The industrial products company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.42. The company had revenue of $148.15 million during the quarter, compared to analysts’ expectations of $139.93 million. UFP Technologies had a net margin of 11.74% and a return on equity of 18.92%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on UFPT shares. Lake Street Capital set a $252.00 target price on UFP Technologies and gave the company a “buy” rating in a research report on Wednesday. Raymond James began coverage on UFP Technologies in a report on Friday, March 28th. They set a “market perform” rating on the stock. Finally, StockNews.com lowered shares of UFP Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, January 23rd.

Insider Activity

In other UFP Technologies news, Director Daniel C. Croteau sold 6,846 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $228.41, for a total transaction of $1,563,694.86. Following the completion of the sale, the director now owns 1,785 shares in the company, valued at approximately $407,711.85. The trade was a 79.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On UFP Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in UFPT. Principal Financial Group Inc. grew its holdings in UFP Technologies by 3.8% during the fourth quarter. Principal Financial Group Inc. now owns 39,108 shares of the industrial products company’s stock worth $9,562,000 after buying an additional 1,444 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of UFP Technologies by 340.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 39,304 shares of the industrial products company’s stock worth $9,610,000 after acquiring an additional 30,372 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of UFP Technologies in the fourth quarter valued at about $16,808,000. Mesirow Financial Investment Management Inc. lifted its position in shares of UFP Technologies by 102.3% during the fourth quarter. Mesirow Financial Investment Management Inc. now owns 3,170 shares of the industrial products company’s stock valued at $775,000 after purchasing an additional 1,603 shares in the last quarter. Finally, Amundi boosted its holdings in UFP Technologies by 197.1% during the fourth quarter. Amundi now owns 3,812 shares of the industrial products company’s stock worth $957,000 after purchasing an additional 2,529 shares during the last quarter. 87.28% of the stock is owned by institutional investors.

UFP Technologies Stock Up 0.1 %

The company has a current ratio of 2.57, a quick ratio of 1.43 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $1.69 billion, a P/E ratio of 31.34 and a beta of 1.10. The stock’s 50-day simple moving average is $207.97 and its 200-day simple moving average is $251.59.

UFP Technologies Company Profile

UFP Technologies, Inc designs and manufactures solutions for medical devices, sterile packaging, and other highly engineered custom products. The company offers protective drapes for robotic surgery, single patient use surfaces, advanced wound care, infection prevention, disposables for surgical and endoscopic procedures, packaging for medical devices, orthopedic implants, biopharma drug manufacturing, and coils for catheters; and molded components for applications in acoustic insulation, interior trim, load floors, sunshades, SUV cargo cover handles, driveshaft damping, engine and manifold covers, quarter panels, and wheel liners.