BlackRock Inc. Makes New $136.09 Million Investment in Quanex Building Products Corporation $NX

Key Points

• BlackRock acquired 7.31 million shares of Quanex Building Products in the second quarter, valued at approximately $136.1 million and representing a 15.91% stake.
• Institutional investors own 97.48% of Quanex’s outstanding stock, with several firms—including Goldman Sachs and Jane Street—recently increasing their positions.
• Quanex shares opened at $19.45, while analysts maintain a consensus “Hold” rating with a $28 price target. The company also reported quarterly earnings of $0.25 per share, exceeding estimates, and declared a quarterly dividend of $0.08 per share.

BlackRock Inc. bought a new stake in Quanex Building Products Corporation (NYSE:NX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,308,772 shares of the construction company's stock, valued at approximately $136,089,000. BlackRock Inc. owned 15.91% of Quanex Building Products at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in Quanex Building Products by 22.6% in the 1st quarter. Royal Bank of Canada now owns 25,578 shares of the construction company's stock worth $476,000 after acquiring an additional 4,720 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Quanex Building Products by 9.1% during 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 purchasing an additional 2,347 shares during the last quarter. Goldman Sachs Group Inc. boosted its position 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 purchasing an additional 49,895 shares during the period. Jane Street Group LLC boosted its position 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 purchasing an additional 76,353 shares during the period. Finally, Sei Investments Co. increased its stake in shares of Quanex Building Products by 8.0% in the second quarter. Sei Investments Co. now owns 72,103 shares of the construction company's stock worth $1,363,000 after purchasing an additional 5,313 shares in the last quarter. Hedge funds and other institutional investors own 97.48% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on NX shares. Zacks Research raised shares of Quanex Building Products from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Quanex Building Products in a report on Friday, July 17th. Finally, Benchmark reiterated a "buy" rating on shares of Quanex Building Products in a research report on Thursday. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Quanex Building Products has a consensus rating of "Hold" and a consensus price target of $28.00.

Quanex Building Products Trading Down 1.2%

Quanex Building Products stock opened at $19.45 on Friday. 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 Corporation has a fifty-two week low of $11.04 and a fifty-two week high of $22.98. The stock has a market cap of $893.34 million, a P/E ratio of -3.45, a PEG ratio of 0.85 and a beta of 0.92. The firm's fifty day moving average price is $18.86 and its 200-day moving average price is $18.85.

Quanex Building Products (NYSE:NX - Get Free Report) last posted its quarterly earnings data on Thursday, June 4th. The construction company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.03. The company had revenue of $462.37 million for the quarter, compared to analysts' expectations of $459.27 million. Quanex Building Products had a negative net margin of 13.85% and a positive return on equity of 11.11%. Equities research analysts forecast that Quanex Building Products Corporation will post 1.66 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. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.32 annualized dividend and a dividend yield of 1.6%. Quanex Building Products's dividend payout ratio (DPR) is -5.68%.

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.

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