Bank of New York Mellon Corp boosted its holdings in UFP Technologies, Inc. (NASDAQ:UFPT) by 19.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,195 shares of the industrial products company’s stock after acquiring an additional 9,696 shares during the quarter. Bank of New York Mellon Corp’s holdings in UFP Technologies were worth $1,857,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in UFPT. Acadian Asset Management LLC increased its stake in UFP Technologies by 137.0% in the 2nd quarter. Acadian Asset Management LLC now owns 7,337 shares of the industrial products company’s stock worth $227,000 after acquiring an additional 4,241 shares during the last quarter. First Trust Advisors LP bought a new position in UFP Technologies in the 2nd quarter worth about $231,000. Wedge Capital Management L L P NC bought a new position in UFP Technologies in the 2nd quarter worth about $1,398,000. Finally, Dimensional Fund Advisors LP increased its stake in UFP Technologies by 16.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 222,278 shares of the industrial products company’s stock worth $6,557,000 after acquiring an additional 31,173 shares during the last quarter. Institutional investors and hedge funds own 68.73% of the company’s stock.
In other news, VP W David Smith sold 7,286 shares of the company’s stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $34.58, for a total value of $251,949.88. Following the completion of the transaction, the vice president now directly owns 19,837 shares in the company, valued at approximately $685,963.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ronald J. Lataille sold 10,548 shares of the company’s stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $36.04, for a total value of $380,149.92. The disclosure for this sale can be found here. Insiders sold a total of 64,619 shares of company stock valued at $2,296,779 over the last quarter. Company insiders own 12.30% of the company’s stock.
UFP Technologies (NASDAQ:UFPT) last announced its earnings results on Thursday, August 2nd. The industrial products company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.04. The business had revenue of $49.02 million for the quarter, compared to analyst estimates of $49.50 million. UFP Technologies had a return on equity of 9.11% and a net margin of 6.17%. Research analysts forecast that UFP Technologies, Inc. will post 2.12 EPS for the current fiscal year.
A number of brokerages have weighed in on UFPT. BidaskClub lowered UFP Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, September 5th. ValuEngine lowered UFP Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Taglich Brothers restated a “buy” rating on shares of UFP Technologies in a research note on Wednesday, August 29th. Finally, Zacks Investment Research upgraded UFP Technologies from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Saturday, September 1st.
UFP Technologies Profile
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. The company offers medical devices and components, disposable wound care components, automotive interior trims, athletic paddings, abrasive nail files and other beauty aids, air filtration products, high-temperature insulations, military uniform and gear components, and cushion packaging products.
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