Quanex Building Products (NYSE:NX) Shares Down 6.2% After Analyst Downgrade

Quanex Building Products Corporation (NYSE:NX) fell 6.2% during trading on Monday after Benchmark lowered their price target on the stock from $30.00 to $28.00. Benchmark currently has a buy rating on the stock. Quanex Building Products traded as low as $14.68 and last traded at $15.4920. 148,649 shares were traded during mid-day trading, a decline of 72% from the average session volume of 532,376 shares. The stock had previously closed at $16.52.

NX has been the subject of a number of other reports. Zacks Research upgraded shares of Quanex Building Products from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Weiss Ratings reiterated a “sell (d)” rating on shares of Quanex Building Products in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Quanex Building Products presently has an average rating of “Hold” and a consensus price target of $28.00.

Hedge Funds Weigh In On Quanex Building Products

Hedge funds have recently made changes to their positions in the stock. Danske Bank A S acquired a new stake in Quanex Building Products in the third quarter valued at approximately $26,000. CWM LLC grew its stake in shares of Quanex Building Products by 104.5% during the second quarter. CWM LLC now owns 1,468 shares of the construction company’s stock worth $28,000 after purchasing an additional 750 shares in the last quarter. Allworth Financial LP grew its stake in shares of Quanex Building Products by 17,191.7% during the second quarter. Allworth Financial LP now owns 2,075 shares of the construction company’s stock worth $39,000 after purchasing an additional 2,063 shares in the last quarter. Quarry LP raised its stake in Quanex Building Products by 132.0% in the third quarter. Quarry LP now owns 3,754 shares of the construction company’s stock valued at $53,000 after buying an additional 2,136 shares in the last quarter. Finally, Byrne Asset Management LLC purchased a new stake in Quanex Building Products during the 3rd quarter worth about $72,000. Hedge funds and other institutional investors own 97.48% of the company’s stock.

Quanex Building Products Trading Down 6.1%

The firm has a market capitalization of $711.37 million, a price-to-earnings ratio of -2.82, a PEG ratio of 0.55 and a beta of 0.97. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.14 and a current ratio of 2.04. The company has a 50-day moving average price of $13.72 and a 200-day moving average price of $16.86.

Quanex Building Products (NYSE:NX) last posted its earnings results on Thursday, December 11th. The construction company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.33. Quanex Building Products had a positive return on equity of 12.46% and a negative net margin of 13.65%.The firm had revenue of $489.85 million during the quarter, compared to analysts’ expectations of $472.62 million. During the same quarter in the previous year, the business earned $0.61 earnings per share. As a group, research analysts forecast that Quanex Building Products Corporation will post 2.18 EPS for the current fiscal year.

Quanex Building Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.1%. The ex-dividend date is Monday, December 15th. Quanex Building Products’s dividend payout ratio is currently -5.83%.

About Quanex Building Products

Quanex Building Products Corporation, together with its subsidiaries, provides components for the fenestration industry in the United States, rest of Europe, Canada, Asia, the United Kingdom, and internationally. The company operates through three segments: North American Fenestration, European Fenestration, and North American Cabinet Components.