State Board of Administration of Florida Retirement System cut its stake in Tredegar Co. (NYSE:TG) by 24.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,674 shares of the basic materials company’s stock after selling 7,184 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.07% of Tredegar worth $360,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Matarin Capital Management LLC acquired a new position in Tredegar during the third quarter worth $4,480,000. BlackRock Inc. increased its position in Tredegar by 5.3% during the third quarter. BlackRock Inc. now owns 3,758,110 shares of the basic materials company’s stock worth $81,363,000 after buying an additional 190,552 shares during the last quarter. Systematic Financial Management LP acquired a new position in Tredegar during the third quarter worth $1,441,000. Martingale Asset Management L P increased its position in Tredegar by 91.3% during the third quarter. Martingale Asset Management L P now owns 99,954 shares of the basic materials company’s stock worth $2,165,000 after buying an additional 47,707 shares during the last quarter. Finally, Vanguard Group Inc increased its position in Tredegar by 1.6% during the third quarter. Vanguard Group Inc now owns 2,973,256 shares of the basic materials company’s stock worth $64,371,000 after buying an additional 46,020 shares during the last quarter. 64.78% of the stock is currently owned by institutional investors and hedge funds.
Tredegar stock opened at $17.42 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.02 and a current ratio of 1.55. The firm has a market cap of $591.20 million, a price-to-earnings ratio of 14.85 and a beta of 0.98. Tredegar Co. has a one year low of $14.85 and a one year high of $26.50.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Thursday, March 14th.
Several equities analysts have commented on TG shares. TheStreet downgraded shares of Tredegar from a “b-” rating to a “c-” rating in a research report on Thursday, November 15th. ValuEngine raised shares of Tredegar from a “sell” rating to a “hold” rating in a research report on Saturday, February 2nd.
TRADEMARK VIOLATION NOTICE: “State Board of Administration of Florida Retirement System Reduces Stake in Tredegar Co. (TG)” was posted by Transcript Daily and is the sole property of of Transcript Daily. If you are reading this news story on another domain, it was illegally copied and republished in violation of U.S. & international copyright and trademark legislation. The original version of this news story can be read at https://transcriptdaily.com/2019/03/01/state-board-of-administration-of-florida-retirement-system-reduces-stake-in-tredegar-co-tg.html.
Tredegar Company Profile
Tredegar Corporation, through its subsidiaries, manufactures and sells polyethylene (PE) plastic films, polyester films, and aluminum extrusions worldwide. It operates through PE Films, Flexible Packaging Films, and Aluminum Extrusions segments. The PE Films segment offers personal care materials, such as apertured films and laminate materials for use in feminine hygiene products, baby diapers, and adult incontinence products under the ComfortAire, ComfortFeel, and FreshFeel brands; elastic materials for use as components for baby diapers, adult incontinence products, and feminine hygiene products under the ExtraFlex and FlexAire brands; and three-dimensional apertured film transfer layers for baby diapers and adult incontinence products under the AquiDry and AquiDry Plus brands.
Read More: How do investors use RSI to grade stocks?
Receive News & Ratings for Tredegar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tredegar and related companies with MarketBeat.com's FREE daily email newsletter.