UFP Technologies (NASDAQ:UFPT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The firm currently has a $35.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 13.27% from the company’s previous close.
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. “
Shares of UFPT stock opened at $30.90 on Friday. The firm has a market capitalization of $231.90, a PE ratio of 25.16 and a beta of 0.11. UFP Technologies has a twelve month low of $24.05 and a twelve month high of $32.45.
Several hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its stake in shares of UFP Technologies by 21.5% in the second quarter. The Manufacturers Life Insurance Company now owns 6,998 shares of the industrial products company’s stock valued at $198,000 after purchasing an additional 1,237 shares during the period. Wells Fargo & Company MN boosted its stake in shares of UFP Technologies by 19.8% in the fourth quarter. Wells Fargo & Company MN now owns 10,730 shares of the industrial products company’s stock valued at $299,000 after purchasing an additional 1,773 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of UFP Technologies by 20.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 11,900 shares of the industrial products company’s stock valued at $331,000 after purchasing an additional 2,000 shares during the period. Nationwide Fund Advisors boosted its stake in shares of UFP Technologies by 7.8% in the third quarter. Nationwide Fund Advisors now owns 43,975 shares of the industrial products company’s stock valued at $1,236,000 after purchasing an additional 3,200 shares during the period. Finally, Macquarie Group Ltd. purchased a new position in shares of UFP Technologies in the third quarter valued at $128,000. Institutional investors and hedge funds own 69.29% of the company’s stock.
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About UFP Technologies
UFP Technologies, Inc is a designer and custom converter of foams, plastics, composites and natural fiber materials. The Company is engaged in providing solutions to customers primarily within the medical, automotive, consumer, electronics, industrial, and aerospace and defense markets. It converts these materials using laminating, molding, and fabricating manufacturing technologies.
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