BidaskClub upgraded shares of Tredegar Corporation (NYSE:TG) from a strong sell rating to a sell rating in a research report sent to investors on Saturday.

Shares of Tredegar Corporation (TG) opened at 16.95 on Friday. The firm has a market capitalization of $558.67 million, a price-to-earnings ratio of 9.05 and a beta of 1.77. The firm has a 50-day moving average price of $15.38 and a 200 day moving average price of $17.65. Tredegar Corporation has a 12 month low of $14.65 and a 12 month high of $25.60.

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The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.44 annualized dividend and a dividend yield of 2.60%. Tredegar Corporation’s dividend payout ratio (DPR) is presently 23.53%.

Institutional investors have recently modified their holdings of the stock. IndexIQ Advisors LLC acquired a new position in shares of Tredegar Corporation during the second quarter valued at about $411,000. Victory Capital Management Inc. increased its position in shares of Tredegar Corporation by 8.1% in the second quarter. Victory Capital Management Inc. now owns 23,532 shares of the basic materials company’s stock valued at $359,000 after buying an additional 1,758 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Tredegar Corporation by 56.1% in the second quarter. BNP Paribas Arbitrage SA now owns 9,141 shares of the basic materials company’s stock valued at $139,000 after buying an additional 3,286 shares during the last quarter. Gamco Investors INC. ET AL increased its position in shares of Tredegar Corporation by 6.3% in the second quarter. Gamco Investors INC. ET AL now owns 4,851,213 shares of the basic materials company’s stock valued at $73,981,000 after buying an additional 286,897 shares during the last quarter. Finally, Teton Advisors Inc. increased its position in shares of Tredegar Corporation by 32.8% in the second quarter. Teton Advisors Inc. now owns 507,600 shares of the basic materials company’s stock valued at $7,741,000 after buying an additional 125,340 shares during the last quarter. Hedge funds and other institutional investors own 62.94% of the company’s stock.

Tredegar Corporation Company Profile

Tredegar Corporation is engaged in the manufacture of polyethylene plastic films, polyester films and aluminum extrusions. The Company’s segments are PE Films, Flexible Packaging Films and Aluminum Extrusions. The PE Films segment manufactures plastic films, elastics and laminate materials utilized in personal care materials, surface protection films and specialty and optical lighting applications.

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