We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
UFP Industries, Inc.’s (UFPI - Free Report) subsidiary, The UBEECO Group, has completed the acquisition of J.C. Gilmore Pty Ltd (Gilmores). Gilmores is an Australian company, which is a major distributor to the industrial and construction industries across the country.
Gilmores is one of the major distributors in the industrial and construction industries of packaging tapes, stretch films, packaging equipment, strapping, construction protection products and other items. Gilmores recorded sales of $15 million AUD in 2020.
This acquisition will extend UFP Industries’ presence in Australia and expand the company’s portfolio in protective packaging, thereby enhancing its industrial packaging product offerings and customer base across the country.
The founder of Gilmores, Michael Gilmore, stated, ‘We look forward to Gilmores and UBEECO collaborating to expand our geographic reach throughout Australia, as well as the capability to provide our customers new lines of timber products and export packaging such as pallets, skids and crates.”
Acquisitions a Major Driving Factor
Acquisitions have been UFP Industries' preferred mode of solidifying its product portfolio and leveraging business opportunities. In January 2021, the company completed the acquisition of PalletOne and SunBelt. This is the largest and the most recent of all acquisitions made by the company. The company’s capital allocation strategy targets acquisitions to give a reasonable return on investments.
During the fourth quarter of 2020, acquisitions contributed 4% and 5% unit sales growth in UFP Industrial and UFP Construction segments, respectively. Also, the company is optimistic about making several acquisitions in the upcoming quarters that are in the pipeline.
Shares of the company have gained 19.3% in the past three months, compared with the industry’s rally of 16.8%. The company is benefiting from solid U.S. residential market and robust demand for repair and remodeling activities. Also, earnings estimates for 2021 have been trending upward over the past 30 days, depicting analysts’ optimism over the company’s growth prospects.
Zacks Rank & Key Picks
UFP Industries currently carries a Zacks Rank #3 (Hold).
Louisiana-Pacific and Weyerhaeuser’s 2021 earnings are expected to grow 30.9% and 28.7%, respectively.
PotlatchDeltic’s earnings estimates for 2021 have risen 36.6% over the past 30 days to $3.25 per share.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021? Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Image: Bigstock
UFP Industries' (UFPI) Subsidiary UBEECO Acquires J.C. Gilmore
UFP Industries, Inc.’s (UFPI - Free Report) subsidiary, The UBEECO Group, has completed the acquisition of J.C. Gilmore Pty Ltd (Gilmores). Gilmores is an Australian company, which is a major distributor to the industrial and construction industries across the country.
Gilmores is one of the major distributors in the industrial and construction industries of packaging tapes, stretch films, packaging equipment, strapping, construction protection products and other items. Gilmores recorded sales of $15 million AUD in 2020.
This acquisition will extend UFP Industries’ presence in Australia and expand the company’s portfolio in protective packaging, thereby enhancing its industrial packaging product offerings and customer base across the country.
The founder of Gilmores, Michael Gilmore, stated, ‘We look forward to Gilmores and UBEECO collaborating to expand our geographic reach throughout Australia, as well as the capability to provide our customers new lines of timber products and export packaging such as pallets, skids and crates.”
Acquisitions a Major Driving Factor
Acquisitions have been UFP Industries' preferred mode of solidifying its product portfolio and leveraging business opportunities. In January 2021, the company completed the acquisition of PalletOne and SunBelt. This is the largest and the most recent of all acquisitions made by the company. The company’s capital allocation strategy targets acquisitions to give a reasonable return on investments.
During the fourth quarter of 2020, acquisitions contributed 4% and 5% unit sales growth in UFP Industrial and UFP Construction segments, respectively. Also, the company is optimistic about making several acquisitions in the upcoming quarters that are in the pipeline.
Shares of the company have gained 19.3% in the past three months, compared with the industry’s rally of 16.8%. The company is benefiting from solid U.S. residential market and robust demand for repair and remodeling activities. Also, earnings estimates for 2021 have been trending upward over the past 30 days, depicting analysts’ optimism over the company’s growth prospects.
Zacks Rank & Key Picks
UFP Industries currently carries a Zacks Rank #3 (Hold).
Some of the top-ranked stocks in the Zacks Building Products – Wood industry include Louisiana-Pacific Corporation (LPX - Free Report) , Weyerhaeuser Company (WY - Free Report) and PotlatchDeltic Corporation (PCH - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Louisiana-Pacific and Weyerhaeuser’s 2021 earnings are expected to grow 30.9% and 28.7%, respectively.
PotlatchDeltic’s earnings estimates for 2021 have risen 36.6% over the past 30 days to $3.25 per share.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021? Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2021 today >>