UFP Technologies (NASDAQ:UFPT) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of UFP Technologies (NASDAQ:UFPT) from a hold rating to a buy rating in a research note published on Tuesday, Zacks.com reports. They currently have $44.00 price target on the industrial products company’s stock.

According to Zacks, “UFP TECH., INC. designs and manufactures a range of high-performance cushion packaging and specialty foam and plastic prods. for the industrial and consumer markets. UFP also designs precision moulded fibre packaging prods. made from recycled paper. “

Other analysts also recently issued research reports about the stock. BidaskClub downgraded shares of UFP Technologies from a hold rating to a sell rating in a report on Thursday, April 25th. ValuEngine raised shares of UFP Technologies from a hold rating to a buy rating in a report on Thursday, May 9th.

Shares of NASDAQ:UFPT opened at $40.19 on Tuesday. The stock has a market capitalization of $298.37 million, a PE ratio of 19.14 and a beta of 0.44. The company has a current ratio of 2.90, a quick ratio of 1.88 and a debt-to-equity ratio of 0.15. UFP Technologies has a fifty-two week low of $27.80 and a fifty-two week high of $41.18.

UFP Technologies (NASDAQ:UFPT) last issued its earnings results on Tuesday, May 7th. The industrial products company reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.10. The business had revenue of $47.33 million for the quarter, compared to the consensus estimate of $45.10 million. UFP Technologies had a net margin of 8.35% and a return on equity of 11.79%. On average, equities analysts predict that UFP Technologies will post 2.22 earnings per share for the current fiscal year.

In other news, insider R Jeffrey Bailly sold 6,573 shares of UFP Technologies stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $38.53, for a total value of $253,257.69. Following the sale, the insider now owns 496,122 shares of the company’s stock, valued at $19,115,580.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 16,219 shares of company stock worth $626,302. Insiders own 11.00% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in UFPT. BNP Paribas Arbitrage SA boosted its holdings in UFP Technologies by 545.1% during the first quarter. BNP Paribas Arbitrage SA now owns 1,387 shares of the industrial products company’s stock worth $52,000 after buying an additional 1,172 shares in the last quarter. Metropolitan Life Insurance Co. NY purchased a new stake in UFP Technologies during the fourth quarter worth about $70,000. MetLife Investment Advisors LLC purchased a new stake in UFP Technologies during the fourth quarter worth about $95,000. Ramsey Quantitative Systems boosted its holdings in UFP Technologies by 104.4% during the fourth quarter. Ramsey Quantitative Systems now owns 6,137 shares of the industrial products company’s stock worth $184,000 after buying an additional 3,135 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in UFP Technologies by 245.4% during the first quarter. US Bancorp DE now owns 5,630 shares of the industrial products company’s stock worth $211,000 after buying an additional 4,000 shares in the last quarter. 70.74% of the stock is currently owned by hedge funds and other institutional investors.

About UFP Technologies

UFP Technologies, Inc designs and converts foams, plastics, composites, and natural fiber materials for the medical, automotive, consumer, electronics, industrial, and aerospace and defense markets in the United States. It offers single patient use surfaces, advanced wound care, infection prevention, and disposables for surgical procedures, endoscopic procedures, orthopedic implants, orthopedic appliances, biopharma drug manufacturing, etc.; molded components automotive, aerospace, and defense markets; recycled protective packaging for B2C brands; and reusable cases and custom inserts.

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