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GRAND RAPIDS, MI - UFP Industries Inc. (NASDAQ:UFPI), a company currently valued at $6.5 billion with strong financial health according to InvestingPro metrics, held its Annual Meeting of Shareholders on Wednesday, where several key proposals were put to vote, including the election of directors and the approval of executive compensation. The company’s robust financial position is evidenced by its healthy current ratio of 4.88 and minimal debt-to-equity ratio of 0.11.
The company, which operates in the general sawmills and planning mills industry and has maintained dividend payments for 33 consecutive years, announced that Joan A. Budden and William D. Schwartz, Jr. were elected to serve as directors until the 2028 Annual Meeting of Shareholders. According to InvestingPro data, UFP Industries has demonstrated consistent financial strength with a 16.67% dividend growth in the last twelve months. Budden received 41,722,679 votes for, 11,068,263 against, and 552,348 abstentions, while Schwartz garnered 51,634,703 votes for, 1,688,492 against, and 20,095 abstentions. There were also 2,999,994 broker non-votes for each nominee.
In addition to the director elections, shareholders ratified the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending December 27, 2025. This proposal received overwhelming support with 55,990,921 votes for, 328,504 against, and 23,859 abstentions.
The third proposal, which was the approval on an advisory (non-binding) basis of the compensation of the company’s named executive officers, also passed. It received 51,437,112 votes for, 1,852,050 against, and 54,128 abstentions, along with 2,999,994 broker non-votes.
These results were shared in a recent SEC filing by UFP Industries, which also detailed the company’s proxy statement filed on March 12, 2025. The filing provides transparency on the matters submitted to a vote of security holders and reflects the shareholders’ satisfaction with the company’s executive compensation and governance.
The company, formerly known as Universal Forest Products Inc., is headquartered in Grand Rapids, Michigan, and has been incorporated in the state of Michigan. UFP Industries has emphasized its commitment to corporate governance and shareholder rights through these recent voting outcomes.
The information reported is based on the company’s latest 8-K filing with the Securities and Exchange Commission. Analysis from InvestingPro suggests the stock is currently undervalued, with analysts setting price targets ranging from $117 to $155. The company maintains strong profitability metrics, including an 18.44% gross profit margin and a return on equity of 13%. For deeper insights into UFP Industries’ financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, along with 8 additional ProTips about the company’s performance.
In other recent news, UFP Industries reported its fourth-quarter 2024 earnings, revealing a mixed financial performance. The company posted earnings per share (EPS) of $1.12, missing the forecasted $1.24, while revenue exceeded expectations, reaching $1.46 billion against a forecast of $1.42 billion. Despite the revenue beat, the company experienced a year-over-year revenue decline of approximately 4%, attributed to weak demand in its Packaging (NYSE:PKG) and Construction segments, which also led to compressed profit margins. Benchmark analyst Reuben Garner adjusted the price target for Universal Forest Products to $135 from $142, maintaining a Buy rating, while DA Davidson kept a Neutral rating with a $120 price target. The company’s Retail segment managed to maintain its sales level, and there was an improvement in gross margin due to operational enhancements and a favorable product mix. Looking ahead, UFP Industries anticipates modest unit declines and continued pricing pressures in the first half of 2025. The company is focusing on cost reduction and efficiency improvements while maintaining a strong cash position with a $1.2 billion surplus.
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