Quanex Building Products (NYSE:NX) Shares Down 5.6% – Here’s What Happened

Quanex Building Products Corporation (NYSE:NX)’s stock price was down 5.6% on Tuesday . The stock traded as low as $22.37 and last traded at $21.6480. 69,597 shares traded hands during trading, a decline of 85% from the average daily volume of 454,994 shares. The stock had previously closed at $22.93.

Analysts Set New Price Targets

Several brokerages recently commented on NX. Zacks Research raised Quanex Building Products from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Weiss Ratings restated a “sell (d)” rating on shares of Quanex Building Products in a research note on Friday, July 17th. Finally, Benchmark reaffirmed a “buy” rating on shares of Quanex Building Products in a report on Thursday, August 27th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $28.00.

Quanex Building Products Stock Performance

The company has a market capitalization of $1.01 billion, a P/E ratio of 22.34, a price-to-earnings-growth ratio of 0.93 and a beta of 0.94. The firm has a 50 day moving average price of $19.17 and a two-hundred day moving average price of $18.75. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.21 and a current ratio of 2.23.

Quanex Building Products (NYSE:NX) last issued its earnings results on Thursday, September 3rd. The construction company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. The business had revenue of $501.85 million during the quarter, compared to analysts’ expectations of $497.51 million. Quanex Building Products had a return on equity of 11.61% and a net margin of 2.43%.During the same period in the prior year, the firm posted ($6.04) EPS. On average, research analysts expect that Quanex Building Products Corporation will post 1.77 earnings per share for the current fiscal year.

Quanex Building Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.5%. The ex-dividend date is Tuesday, September 15th. Quanex Building Products’s dividend payout ratio is currently 32.32%.

Institutional Investors Weigh In On Quanex Building Products

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its position in shares of Quanex Building Products by 22.6% during the 1st quarter. Royal Bank of Canada now owns 25,578 shares of the construction company’s stock worth $476,000 after purchasing an additional 4,720 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Quanex Building Products by 9.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,051 shares of the construction company’s stock valued at $521,000 after buying an additional 2,347 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Quanex Building Products by 25.4% during the first quarter. Goldman Sachs Group Inc. now owns 246,666 shares of the construction company’s stock worth $4,586,000 after buying an additional 49,895 shares during the last quarter. Jane Street Group LLC grew its stake in Quanex Building Products by 887.4% during the first quarter. Jane Street Group LLC now owns 84,957 shares of the construction company’s stock worth $1,579,000 after buying an additional 76,353 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Quanex Building Products by 8.0% during the second quarter. Sei Investments Co. now owns 72,103 shares of the construction company’s stock worth $1,363,000 after buying an additional 5,313 shares in the last quarter. Institutional investors and hedge funds own 97.48% of the company’s stock.

About Quanex Building Products

Quanex Building Products Corporation engages in the design, manufacture and distribution of components for the window, door and building products industries in North America. The company operates through two primary segments: Window Products and Door & Building Products. Its Window Products segment supplies vinyl window profiles and related accessories, while its Door & Building Products segment offers engineered door skins, panels, siding products, specialty moldings and other exterior building components.

Within its Window Products segment, Quanex produces extrusion profiles used by window fabricators to assemble vinyl casement, double-hung, slider and picture windows.