Allspring Global Investments Holdings LLC Decreases Stock Holdings in Quanex Building Products Corporation $NX

Allspring Global Investments Holdings LLC decreased its holdings in Quanex Building Products Corporation (NYSE:NX) by 8.5% in the first quarter, Holdings Channel reports. 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 approximately 0.06% of Quanex Building Products worth $49,090,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Western Standard LLC bought a new stake in Quanex Building Products in the fourth quarter worth $4,219,000. GSA Capital Partners LLP increased its position in Quanex Building Products by 81.1% during the fourth quarter. GSA Capital Partners LLP now owns 96,079 shares of the construction company’s stock valued at $1,478,000 after acquiring an additional 43,018 shares during the last quarter. Deprince Race & Zollo Inc. increased its position in Quanex Building Products by 8.0% during the fourth 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 last quarter. Systematic Financial Management LP lifted its stake in Quanex Building Products by 10.3% in the fourth 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 during the last quarter. Finally, New Age Alpha Advisors LLC bought a new stake in Quanex Building Products in the fourth quarter worth about $1,110,000. Hedge funds and other institutional investors own 97.48% of the company’s stock.

Quanex Building Products Stock Down 1.6%

NYSE:NX opened at $18.26 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.28 and a quick ratio of 1.23. The firm has a market cap of $838.51 million, a PE ratio of -3.24, a price-to-earnings-growth ratio of 0.78 and a beta of 0.91. The company has a 50-day moving average of $17.50 and a 200 day moving average of $18.45. Quanex Building Products Corporation has a 1-year low of $11.04 and a 1-year high of $22.98.

Quanex Building Products (NYSE:NX) last announced its quarterly earnings results 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. Quanex Building Products had a negative net margin of 13.85% and a positive return on equity of 11.11%. The firm had revenue of $462.37 million during the quarter, compared to analysts’ expectations of $459.27 million. As a group, research analysts anticipate that Quanex Building Products Corporation will post 1.66 EPS for the current fiscal year.

Quanex Building Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Monday, June 15th. Quanex Building Products’s dividend payout ratio (DPR) is currently -5.68%.

Analysts Set New Price Targets

Several brokerages have issued reports on NX. Zacks Research lowered Quanex Building Products from a “hold” rating to a “strong sell” rating in a research report on Monday, April 20th. Weiss Ratings restated a “sell (d)” rating on shares of Quanex Building Products in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $28.00.

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.