Quanex Building Products Corporation $NX Stock Position Trimmed by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC trimmed its stake in Quanex Building Products by 7.4% in Q4, selling 238,044 shares and ending the period with 2,958,002 shares (about 6.48%) valued at roughly $45.46 million per its SEC filing.
• Analyst sentiment is mixed with an average rating of Hold and an average price target of $28, including recent notes ranging from Weiss Ratings' "sell" to Benchmark's kept "buy" with a lowered $28 target.
• Quanex has a market cap of about $835 million, reported a slight quarterly EPS beat with revenue modestly above estimates, and pays a quarterly dividend of $0.08 (annual yield ~1.8%), while showing a negative trailing P/E.

Allspring Global Investments Holdings LLC decreased its position in Quanex Building Products Corporation (NYSE:NX - Free Report) by 7.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,958,002 shares of the construction company's stock after selling 238,044 shares during the period. Allspring Global Investments Holdings LLC owned approximately 6.48% of Quanex Building Products worth $45,464,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Medina Value Partners LLC bought a new position in Quanex Building Products in the 3rd quarter worth approximately $4,602,000. Jump Financial LLC bought a new stake in shares of Quanex Building Products during the third quarter valued at about $2,617,000. LSV Asset Management lifted its holdings in Quanex Building Products by 658.9% in the third quarter. LSV Asset Management now owns 204,900 shares of the construction company's stock worth $2,914,000 after purchasing an additional 177,900 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Quanex Building Products in the third quarter worth about $2,440,000. Finally, Ameriprise Financial Inc. grew its position in Quanex Building Products by 7.9% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,275,870 shares of the construction company's stock valued at $43,013,000 after buying an additional 166,518 shares in the last quarter. Institutional investors and hedge funds own 97.48% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on NX. Weiss Ratings reissued a "sell (d)" rating on shares of Quanex Building Products in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Quanex Building Products from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. Benchmark lowered their price objective on shares of Quanex Building Products from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Monday, December 15th. Finally, Zacks Research raised Quanex Building Products from a "strong sell" rating to a "hold" rating in a report on Monday, March 2nd. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $28.00.

Quanex Building Products Stock Performance

NYSE:NX opened at $18.19 on Thursday. The company has a 50-day moving average of $19.34 and a 200-day moving average of $16.29. The firm has a market cap of $835.33 million, a price-to-earnings ratio of -3.46, a price-to-earnings-growth ratio of 0.65 and a beta of 0.93. The company has a current ratio of 2.31, a quick ratio of 1.21 and a debt-to-equity ratio of 0.93. Quanex Building Products Corporation has a twelve month low of $11.04 and a twelve month high of $22.98.

Quanex Building Products (NYSE:NX - Get Free Report) last released its earnings results on Thursday, March 5th. The construction company reported ($0.01) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.04. The business had revenue of $409.09 million for the quarter, compared to the consensus estimate of $405.75 million. Quanex Building Products had a negative net margin of 13.00% and a positive return on equity of 12.24%. Analysts forecast that Quanex Building Products Corporation will post 2.18 earnings per share for the current fiscal year.

Quanex Building Products Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.8%. Quanex Building Products's payout ratio is -6.08%.

Quanex Building Products Company 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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