Rhumbline Advisers grew its stake in Quanex Building Products Co. (NYSE:NX) by 1.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 116,888 shares of the construction company’s stock after acquiring an additional 1,704 shares during the period. Rhumbline Advisers’ holdings in Quanex Building Products were worth $3,066,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in NX. Assenagon Asset Management S.A. bought a new position in shares of Quanex Building Products in the first quarter worth about $10,653,000. Hillsdale Investment Management Inc. bought a new stake in shares of Quanex Building Products during the first quarter worth approximately $4,271,000. BlackRock Inc. raised its stake in shares of Quanex Building Products by 2.6% during the fourth quarter. BlackRock Inc. now owns 5,324,039 shares of the construction company’s stock worth $118,034,000 after buying an additional 136,143 shares during the last quarter. Royce & Associates LP raised its stake in shares of Quanex Building Products by 274.7% during the fourth quarter. Royce & Associates LP now owns 175,205 shares of the construction company’s stock worth $3,884,000 after buying an additional 128,447 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Quanex Building Products during the fourth quarter worth approximately $1,928,000. 98.01% of the stock is owned by institutional investors.
Separately, Zacks Investment Research raised shares of Quanex Building Products from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Wednesday.
Quanex Building Products (NYSE:NX) last posted its quarterly earnings results on Wednesday, June 2nd. The construction company reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.13. The business had revenue of $270.40 million during the quarter, compared to the consensus estimate of $230.40 million. Quanex Building Products had a net margin of 5.72% and a return on equity of 15.44%. Quanex Building Products’s revenue for the quarter was up 44.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 earnings per share. As a group, equities analysts anticipate that Quanex Building Products Co. will post 1.46 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Tuesday, June 15th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Monday, June 14th. Quanex Building Products’s dividend payout ratio is currently 25.81%.
About Quanex Building Products
Quanex Building Products Corporation, together with its subsidiaries, provides components for the fenestration industry worldwide. It operates through three segments: North American Fenestration, European Fenestration, and North American Cabinet Components. The company offers flexible insulating glass spacers, extruded vinyl profiles, window and door screens, and precision-formed metal and wood products, as well as cabinet doors and other components for original equipment manufacturers (OEMs) in the kitchen and bathroom cabinet industry.
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