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UFP Technologies’ (UFPT) Shares Rose Following an Agreement With Intuitive Surgical

Soumya Eswaran
·2 min read

Diamond Hill Capital, an investment management company, released its “Small Cap Fund” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The market delivered positive returns in a volatile first quarter across most regions. Diamond Hill Small Cap Fund outperformed its benchmark, the Russell 2000 Index, in Q1 and returned 7.11% while the benchmark return was 5.18% during the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Diamond Hill Small Cap Fund featured stocks like UFP Technologies, Inc. (NASDAQ:UFPT) in the first quarter 2024 investor letter. Headquartered in Newburyport, Massachusetts, UFP Technologies, Inc. (NASDAQ:UFPT) manufactures solutions for medical devices, sterile packaging, and other highly engineered custom products. On May 13, 2024, UFP Technologies, Inc. (NASDAQ:UFPT) stock closed at $259.21 per share. One-month return of UFP Technologies, Inc. (NASDAQ:UFPT) was 15.61%, and its shares gained 75.27% of their value over the last 52 weeks. UFP Technologies, Inc. (NASDAQ:UFPT) has a market capitalization of $2.013 billion.

Diamond Hill Small Cap Fund stated the following regarding UFP Technologies, Inc. (NASDAQ:UFPT) in its first quarter 2024 investor letter:

"Other top Q1 contributors included FTAI Aviation, UFP Technologies, Inc. (NASDAQ:UFPT) and Taseko Mines. Medical technology-focused company UFP Technologies announced in Q1 it entered into a supply agreement with its largest customer, Intuitive Surgical, to continue supplying products on a semi-exclusive basis for an initial four-year period. The agreement is expected to drive roughly $500 million in revenue over the initial agreed period — better than anticipated and giving a boost to shares."

A closeup of a pile of disposable wound care products on a lighted background.

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UFP Technologies, Inc. (NASDAQ:UFPT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held UFP Technologies, Inc. (NASDAQ:UFPT) at the end of the fourth quarter which was 16 in the previous quarter.

UFP Technologies, Inc. (NASDAQ:UFPT) gained 47% in the first quarter. We discussed UFP Technologies, Inc. (NASDAQ:UFPT) in another article and shared Headwaters Capital Management's thoughts about the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.