Bank of America Corp DE Cuts Holdings in Quanex Building Products Co. (NYSE:NX)

Bank of America Corp DE decreased its position in Quanex Building Products Co. (NYSE:NX) by 20.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 93,486 shares of the construction company’s stock after selling 23,634 shares during the period. Bank of America Corp DE owned about 0.28% of Quanex Building Products worth $1,766,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Deprince Race & Zollo Inc. grew its position in shares of Quanex Building Products by 301.5% in the second quarter. Deprince Race & Zollo Inc. now owns 113,818 shares of the construction company’s stock valued at $2,150,000 after purchasing an additional 85,468 shares during the period. Renaissance Technologies LLC grew its position in shares of Quanex Building Products by 9.5% in the second quarter. Renaissance Technologies LLC now owns 868,200 shares of the construction company’s stock valued at $16,400,000 after purchasing an additional 75,600 shares during the period. Prudential Financial Inc. grew its position in shares of Quanex Building Products by 130.6% in the second quarter. Prudential Financial Inc. now owns 123,346 shares of the construction company’s stock valued at $2,330,000 after purchasing an additional 69,860 shares during the period. Grantham Mayo Van Otterloo & Co. LLC grew its position in shares of Quanex Building Products by 340.2% in the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 72,200 shares of the construction company’s stock valued at $1,364,000 after purchasing an additional 55,800 shares during the period. Finally, Invesco Ltd. grew its position in shares of Quanex Building Products by 25.9% in the second quarter. Invesco Ltd. now owns 189,604 shares of the construction company’s stock valued at $3,582,000 after purchasing an additional 39,049 shares during the period. 99.24% of the stock is owned by institutional investors.

Separately, Zacks Investment Research upgraded shares of Quanex Building Products from a “hold” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a research report on Friday, September 13th. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $18.33.

In related news, Director Susan F. Davis sold 5,489 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $18.10, for a total transaction of $99,350.90. Following the transaction, the director now directly owns 30,671 shares in the company, valued at $555,145.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan F. Davis sold 8,132 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $19.04, for a total transaction of $154,833.28. Following the transaction, the director now owns 33,314 shares in the company, valued at $634,298.56. The disclosure for this sale can be found here. Insiders own 5.98% of the company’s stock.

Shares of NYSE NX opened at $18.75 on Wednesday. The company’s 50-day simple moving average is $18.39 and its 200-day simple moving average is $17.53. Quanex Building Products Co. has a 52-week low of $10.70 and a 52-week high of $19.44. The firm has a market cap of $620.59 million, a price-to-earnings ratio of 28.85 and a beta of 1.24. The company has a quick ratio of 1.17, a current ratio of 2.15 and a debt-to-equity ratio of 0.53.

Quanex Building Products (NYSE:NX) last posted its quarterly earnings results on Thursday, September 5th. The construction company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. The firm had revenue of $238.50 million for the quarter, compared to analyst estimates of $245.73 million. Quanex Building Products had a negative net margin of 1.03% and a positive return on equity of 6.69%. Quanex Building Products’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the business posted $0.33 earnings per share. Equities research analysts anticipate that Quanex Building Products Co. will post 0.92 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 1.71%. Quanex Building Products’s payout ratio is presently 49.23%.

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.

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Institutional Ownership by Quarter for Quanex Building Products (NYSE:NX)

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