Quanex Building Products (NYSE:NX) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Quanex Building Products from “buy” to “strong buy,” though the broader analyst consensus remains “hold” with an average price target of $28.
• Quanex reported quarterly EPS of $0.79, beating estimates of $0.66, while revenue of $501.85 million exceeded expectations of $497.51 million.
• NX shares opened at $20.76, with a 12-month trading range of $11.04 to $23.33; institutional investors and hedge funds own approximately 97.48% of the stock.

Quanex Building Products (NYSE:NX - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other research firms have also weighed in on NX. Benchmark reissued a "buy" rating on shares of Quanex Building Products in a report on Thursday, August 27th. Weiss Ratings raised shares of Quanex Building Products from a "sell (d)" rating to a "hold (c)" rating in a research note on Tuesday, September 8th. Finally, Zacks Research raised shares of Quanex Building Products from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $28.00.

Quanex Building Products Price Performance

Shares of NX opened at $20.76 on Friday. Quanex Building Products has a 12-month low of $11.04 and a 12-month high of $23.33. The business has a 50-day simple moving average of $19.82 and a two-hundred day simple moving average of $19.09. The company has a quick ratio of 1.21, a current ratio of 2.23 and a debt-to-equity ratio of 0.85. The stock has a market cap of $951.43 million, a PE ratio of 20.97, a PEG ratio of 0.81 and a beta of 0.92.

Quanex Building Products (NYSE:NX - Get Free Report) last announced its quarterly earnings results on Thursday, September 3rd. The construction company reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.13. The firm had revenue of $501.85 million for the quarter, compared to analyst estimates 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 last year, the firm posted ($6.04) earnings per share. Analysts anticipate that Quanex Building Products will post 1.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Quanex Building Products

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC acquired a new stake in Quanex Building Products during the 2nd quarter valued at approximately $26,000. Public Employees Retirement System of Ohio bought a new position in Quanex Building Products during the 2nd quarter worth approximately $36,000. Allworth Financial LP bought a new position in Quanex Building Products during the 2nd quarter worth approximately $51,000. GAMMA Investing LLC lifted its position in shares of Quanex Building Products by 63.6% in the 3rd quarter. GAMMA Investing LLC now owns 5,227 shares of the construction company's stock worth $99,000 after purchasing an additional 2,032 shares during the period. Finally, Byrne Asset Management LLC lifted its position in shares of Quanex Building Products by 58.5% in the 2nd quarter. Byrne Asset Management LLC now owns 8,290 shares of the construction company's stock worth $154,000 after purchasing an additional 3,060 shares during the period. 97.48% of the stock is owned by institutional investors and hedge funds.

Quanex Building Products Company Profile

Quanex Building Products Corporation NYSE: NX is a manufacturer of components and systems used in the production of energy-efficient windows, doors, cabinets and other building products. The company primarily serves original equipment manufacturers and fabricators rather than selling finished construction products directly to consumers.

Its product portfolio includes insulating glass components, spacer systems, window and door profiles, screens, fenestration hardware, weather-sealing products, cabinet doors and drawer fronts.

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