Shares of Universal Forest Products Inc. (NASDAQ: UFPI) were downgraded by analysts at Zacks Investment Research in a note to their investors today. With a rating of Hold on the shares, Universal Forest Products Inc. has a 52-week high of $110.97. As a means of comparison, a number of other analysts have spoken on the company recently, and Universal Forest Products Inc. has secured a consensus one-year price target of $100.00, a decrease compared to the opening price of $100.46, a difference of 9.76 percent. Important and fundamental changes in the company’s procedures, future outlook or industry can cause downgrades as the analysts consider that the future prospects for the security have diminished from the original recommendation.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Shares of Universal Forest Products Inc. (NASDAQ: UFPI) opened at $100.46 yesterday trading between $100.13 and $103.17, and last traded at $102.49, which is a spike of $2.06 compared to the previous closing price.
Universal Forest Products Inc. (NASDAQ: UFPI) now has a market cap of 2.08B.
141,075 shares crossed the trading desk yesterday, below the average, out of a total float 19,842,000. Look for trading volume to pick up in the coming days as swing traders often use upticks in trading volume to determine heavy volume aggregation or circulation by institutional investors.
While increased trading for short periods will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks sends a positive indicator to market traders that institutions may be moving in, so institutional sponsorship is critical.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain substantial teams of analysts that investigate thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, Universal Forest Products Inc. (NASDAQ: UFPI) now has a 50-day MA of $105.83 and 200-day MA of $92.20. It has traded in a 52-week range between $57.11 – 110.97 and today’s last price is 0.08% lower than the 52 week high of $110.97.
Earnings growth is a crucial factor to look at when investing in stocks and investors seek companies that have been successful at growing their earnings at least 25% or more for a 3 year period.
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