Quanex Building Products Corporation $NX Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 510,246 shares of Quanex Building Products in the second quarter, worth approximately $9.5 million and representing a 1.11% stake. Institutional investors collectively own 97.48% of NX.
• Analyst sentiment is mixed but improving, with a consensus “Hold” rating and a $28 price target. NX shares recently opened at $19.79, compared with a 52-week range of $11.04 to $23.33.
• Quanex exceeded quarterly expectations, reporting $0.79 in earnings per share and $501.85 million in revenue. The company also declared a quarterly dividend of $0.08 per share, equivalent to a 1.6% annualized yield.

Bank of America Corp DE acquired a new stake in shares of Quanex Building Products Corporation (NYSE:NX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 510,246 shares of the construction company's stock, valued at approximately $9,501,000. Bank of America Corp DE owned 1.11% of Quanex Building Products as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of NX. BlackRock Inc. purchased a new stake in shares of Quanex Building Products during the 2nd quarter valued at about $136,089,000. Dimensional Fund Advisors LP raised its position in shares of Quanex Building Products by 36.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,741,613 shares of the construction company's stock valued at $31,296,000 after purchasing an additional 462,992 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Quanex Building Products during the 1st quarter valued at $17,970,000. Renaissance Technologies LLC raised its stake in Quanex Building Products by 1.2% during the 1st quarter. Renaissance Technologies LLC now owns 770,756 shares of the construction company's stock valued at $13,850,000 after purchasing an additional 8,848 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Quanex Building Products by 961.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 592,785 shares of the construction company's stock valued at $10,652,000 after buying an additional 536,949 shares in the last quarter. 97.48% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on NX shares. Wall Street Zen raised shares of Quanex Building Products from a "hold" rating to a "strong-buy" rating in a research note on Saturday, September 12th. Benchmark reaffirmed 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 report on Tuesday, September 8th. Finally, Zacks Research upgraded shares of Quanex Building Products from a "strong sell" rating to a "hold" rating in a research report 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 stock presently has a consensus rating of "Hold" and a consensus price target of $28.00.

Quanex Building Products Price Performance

Shares of NX stock opened at $19.79 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.21 and a current ratio of 2.23. The stock has a 50 day moving average price of $20.11 and a 200 day moving average price of $18.77. Quanex Building Products Corporation has a 52-week low of $11.04 and a 52-week high of $23.33. The firm has a market capitalization of $906.85 million, a P/E ratio of 19.99, a P/E/G ratio of 0.77 and a beta of 0.94.

Quanex Building Products (NYSE:NX - Get Free Report) last posted its quarterly earnings results on Thursday, September 3rd. The construction company reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.13. The firm had revenue of $501.85 million for the quarter, compared to analysts' expectations of $497.51 million. Quanex Building Products had a net margin of 2.43% and a return on equity of 11.61%. During the same period in the prior year, the business posted ($6.04) earnings per share. As a group, sell-side analysts predict that Quanex Building Products Corporation will post 1.82 earnings per share for the current year.

Quanex Building Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.6%. Quanex Building Products's dividend payout ratio (DPR) is currently 32.32%.

Quanex Building Products Company Profile

Quanex Building Products Corporation NYSE: NX manufactures components and systems used in the fenestration and cabinet industries. Its products are incorporated into residential and commercial windows, doors, and related building products rather than typically sold directly to consumers.

The company's product portfolio includes insulating glass components, window and door screens, vinyl profiles, hardware, sealing and weatherstripping products, and other engineered components used by window and door manufacturers.

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