Allspring Global Investments Holdings LLC Sells 250,344 Shares of Quanex Building Products Corporation $NX

Key Points

• Allspring Global Investments trimmed its Quanex Building Products stake by 8.5% in Q1, selling 250,344 shares and ending with 2,707,658 shares valued at about $49.1 million.
• Quanex beat quarterly expectations, reporting EPS of $0.25 versus the $0.22 consensus and revenue of $462.37 million, though it still posted a negative net margin.
• Analyst sentiment remains cautious: the stock carries a consensus rating of “Reduce” with an average price target of $28, even as the company continues to pay a quarterly dividend of $0.08 per share.

Allspring Global Investments Holdings LLC lowered its stake in Quanex Building Products Corporation (NYSE:NX - Free Report) by 8.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,707,658 shares of the construction company's stock after selling 250,344 shares during the quarter. Allspring Global Investments Holdings LLC owned 5.90% of Quanex Building Products worth $49,090,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in NX. Ameriprise Financial Inc. boosted its position in Quanex Building Products by 7.9% in the second quarter. Ameriprise Financial Inc. now owns 2,275,870 shares of the construction company's stock worth $43,013,000 after purchasing an additional 166,518 shares during the last quarter. Deprince Race & Zollo Inc. grew its position in shares of Quanex Building Products by 8.0% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,874,353 shares of the construction company's stock valued at $28,828,000 after acquiring an additional 139,036 shares during the period. Systematic Financial Management LP increased its stake in shares of Quanex Building Products by 10.3% in the 4th quarter. Systematic Financial Management LP now owns 1,773,756 shares of the construction company's stock worth $27,280,000 after purchasing an additional 165,424 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Quanex Building Products by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,099,557 shares of the construction company's stock worth $16,914,000 after purchasing an additional 4,976 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Quanex Building Products by 14.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 889,279 shares of the construction company's stock worth $13,677,000 after purchasing an additional 115,220 shares in the last quarter. Institutional investors own 97.48% of the company's stock.

Quanex Building Products Price Performance

Shares of NYSE:NX opened at $18.26 on Friday. The firm has a market cap of $838.51 million, a price-to-earnings ratio of -3.24, a P/E/G ratio of 0.78 and a beta of 0.91. The firm has a fifty day moving average price of $17.50 and a 200 day moving average price of $18.45. Quanex Building Products Corporation has a fifty-two week low of $11.04 and a fifty-two week high of $22.98. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.23 and a current ratio of 2.28.

Quanex Building Products (NYSE:NX - Get Free Report) last announced its quarterly earnings results on Thursday, June 4th. The construction company reported $0.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.03. Quanex Building Products had a negative net margin of 13.85% and a positive return on equity of 11.11%. The company had revenue of $462.37 million for the quarter, compared to the consensus estimate of $459.27 million. As a group, sell-side analysts expect that Quanex Building Products Corporation will post 1.66 earnings per share for the current fiscal year.

Quanex Building Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.32 dividend on an annualized basis and a yield of 1.8%. Quanex Building Products's payout ratio is presently -5.68%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NX shares. Weiss Ratings restated a "sell (d)" rating on shares of Quanex Building Products in a research note on Tuesday, April 21st. Zacks Research cut shares of Quanex Building Products from a "hold" rating to a "strong sell" rating in a research note on Monday, April 20th. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $28.00.

Quanex Building Products Profile

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.

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