Quanex Building Products (NYSE:NX) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of Quanex Building Products (NYSE:NX) from a hold rating to a strong-buy rating in a research report report published on Friday morning, Zacks.com reports. Zacks Investment Research currently has $21.00 target price on the construction company’s stock.

According to Zacks, “Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers in building products industry. Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components. These components can be categorized as window and door (fenestration) components and kitchen and bath cabinet components. Examples of fenestration components include (1) energy-efficient flexible insulating glass spacers, (2) extruded vinyl profiles, (3) window and door screens, and (4) precision-formed metal and wood products. In addition, Quanex provide certain other non-fenestration components and products, which include solar panel sealants, wood flooring, trim moldings, vinyl decking, fencing, water retention barriers, and conservatory roof components. Quanex use low-cost production processes and engineering expertise to provide customers with specialized products for their specific window, door, and cabinet applications. “

NX stock opened at $18.98 on Friday. The firm has a 50 day moving average price of $17.59 and a 200-day moving average price of $17.03. Quanex Building Products has a 52-week low of $10.70 and a 52-week high of $19.55. The firm has a market capitalization of $637.04 million, a price-to-earnings ratio of 29.20 and a beta of 1.22. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.17 and a current ratio of 2.15.

Quanex Building Products (NYSE:NX) last released its earnings results on Thursday, September 5th. The construction company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.05. Quanex Building Products had a negative net margin of 1.03% and a positive return on equity of 6.69%. The firm had revenue of $238.50 million during the quarter, compared to analyst estimates of $245.73 million. During the same period last year, the business earned $0.33 earnings per share. The business’s revenue was down .5% on a year-over-year basis. As a group, sell-side analysts forecast that Quanex Building Products will post 0.93 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 1.69%. Quanex Building Products’s payout ratio is 49.23%.

In related news, Director Susan F. Davis sold 5,489 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $18.10, for a total value of $99,350.90. Following the completion of the transaction, the director now directly owns 30,671 shares in the company, valued at approximately $555,145.10. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.98% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the business. FMR LLC grew its position in Quanex Building Products by 591.7% in the 1st quarter. FMR LLC now owns 1,757 shares of the construction company’s stock worth $28,000 after purchasing an additional 1,503 shares during the period. Smith Asset Management Group LP bought a new stake in Quanex Building Products in the 2nd quarter worth approximately $69,000. Meeder Asset Management Inc. grew its position in Quanex Building Products by 257.3% in the 2nd quarter. Meeder Asset Management Inc. now owns 6,282 shares of the construction company’s stock worth $118,000 after purchasing an additional 4,524 shares during the period. BNP Paribas Arbitrage SA grew its position in Quanex Building Products by 191.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 7,727 shares of the construction company’s stock worth $123,000 after purchasing an additional 5,075 shares during the period. Finally, Bessemer Group Inc. bought a new stake in Quanex Building Products in the 2nd quarter worth approximately $181,000. 99.16% of the stock is owned by institutional investors and hedge funds.

About Quanex Building Products

Quanex Building Products Corporation, together with its subsidiaries, provides components for the fenestration industry worldwide. It operates through three segments: North American Engineered Components, European Engineered Components, and North American Cabinet Components. The company offers flexible insulating glass spacers, extruded vinyl profiles, window and door screens, and precision-formed metal and wood products, as well as cabinet doors and other components for original equipment manufacturers (OEMs) in the kitchen and bathroom cabinet industry.

See Also: Economic Bubble

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