Quanex Building Products (NX) Stock Price Up 19% on Earnings Beat
Quanex Building Products Co. (NYSE:NX) shares rose 19% during trading on Friday following a stronger than expected earnings report. The company traded as high as $19.70 and last traded at $19.45. Approximately 1,232,058 shares were traded during trading, an increase of 510% from the average daily volume of 201,916 shares. The stock had previously closed at $16.35.
The construction company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.01. Quanex Building Products had a net margin of 3.48% and a return on equity of 6.70%. The business had revenue of $239.82 million for the quarter, compared to analyst estimates of $237.92 million. During the same quarter last year, the firm earned $0.33 EPS. Quanex Building Products’s quarterly revenue was up 4.6% compared to the same quarter last year.
The company also recently disclosed a dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be paid a dividend of $0.08 per share. The ex-dividend date is Thursday, September 13th. Quanex Building Products’s payout ratio is 20.78%.
In other Quanex Building Products news, VP Brent L. Korb sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $17.35, for a total transaction of $1,735,000.00. Following the sale, the vice president now directly owns 114,307 shares in the company, valued at approximately $1,983,226.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brent L. Korb sold 11,502 shares of the firm’s stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $17.26, for a total transaction of $198,524.52. Following the sale, the chief financial officer now owns 114,307 shares in the company, valued at $1,972,938.82. The disclosure for this sale can be found here. Company insiders own 5.32% of the company’s stock.
A number of hedge funds have recently made changes to their positions in NX. Altshuler Shaham Ltd acquired a new stake in shares of Quanex Building Products in the second quarter valued at approximately $105,000. Piedmont Investment Advisors LLC acquired a new stake in shares of Quanex Building Products in the second quarter valued at approximately $147,000. BlueMountain Capital Management LLC raised its holdings in shares of Quanex Building Products by 1,302.9% in the second quarter. BlueMountain Capital Management LLC now owns 9,245 shares of the construction company’s stock valued at $166,000 after purchasing an additional 8,586 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Quanex Building Products in the first quarter valued at approximately $220,000. Finally, Millennium Management LLC acquired a new stake in shares of Quanex Building Products in the fourth quarter valued at approximately $223,000. Hedge funds and other institutional investors own 98.53% of the company’s stock.
The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.98 and a current ratio of 1.93. The firm has a market cap of $573.25 million, a PE ratio of 25.26 and a beta of 0.68.
About Quanex Building Products (NYSE:NX)
Quanex Building Products Corporation, together with its subsidiaries, provides components for the fenestration industry worldwide. It operates through three segments: North American Engineered Components, European Engineered Components, and North American Cabinet Components. The company offers flexible insulating glass spacers; extruded vinyl profiles; window and door screens; cabinet doors and other components for original equipment manufacturers (OEMs) in the kitchen and bathroom cabinet industry; and precision-formed metal and wood products, as well as solar panel sealants, trim moldings, vinyl decking and fencing products, water retention barriers, and conservatory roof components.
Further Reading: Leveraged Buyout (LBO)
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