Fisher Asset Management LLC Grows Position in Quanex Building Products Co. (NX)
Fisher Asset Management LLC increased its stake in shares of Quanex Building Products Co. (NYSE:NX) by 10.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 150,133 shares of the construction company’s stock after buying an additional 14,358 shares during the quarter. Fisher Asset Management LLC’s holdings in Quanex Building Products were worth $3,513,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NX. Voya Investment Management LLC boosted its holdings in Quanex Building Products by 140.9% in the 2nd quarter. Voya Investment Management LLC now owns 41,144 shares of the construction company’s stock valued at $870,000 after purchasing an additional 24,067 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Quanex Building Products by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 3,131,357 shares of the construction company’s stock valued at $66,228,000 after purchasing an additional 104,038 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Quanex Building Products by 9.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 272,261 shares of the construction company’s stock valued at $5,759,000 after purchasing an additional 22,637 shares in the last quarter. Northern Trust Corp boosted its holdings in Quanex Building Products by 1.1% in the 2nd quarter. Northern Trust Corp now owns 435,605 shares of the construction company’s stock valued at $9,214,000 after purchasing an additional 4,736 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in Quanex Building Products by 17.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 499,173 shares of the construction company’s stock valued at $10,557,000 after purchasing an additional 72,482 shares in the last quarter. 99.80% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have weighed in on the company. KeyCorp reaffirmed a “hold” rating on shares of Quanex Building Products in a report on Friday, October 27th. Wedbush lowered Quanex Building Products from an “outperform” rating to a “neutral” rating and set a $25.00 price objective on the stock. in a report on Monday, December 18th. Finally, Zacks Investment Research raised Quanex Building Products from a “strong sell” rating to a “hold” rating in a report on Thursday, November 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $25.00.
Quanex Building Products (NYSE:NX) last announced its quarterly earnings results on Monday, December 11th. The construction company reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.08. The business had revenue of $233.00 million for the quarter, compared to analyst estimates of $232.47 million. Quanex Building Products had a return on equity of 7.00% and a net margin of 2.16%. The company’s quarterly revenue was down 6.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.45 EPS. research analysts expect that Quanex Building Products Co. will post 0.9 earnings per share for the current fiscal year.
In other news, SVP Kevin P. Delaney sold 50,400 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $24.02, for a total transaction of $1,210,608.00. Following the sale, the senior vice president now owns 111,527 shares of the company’s stock, valued at approximately $2,678,878.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Dewayne Williams sold 8,100 shares of the business’s stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $23.36, for a total value of $189,216.00. Following the sale, the vice president now directly owns 16,672 shares in the company, valued at approximately $389,457.92. The disclosure for this sale can be found here. Insiders have sold a total of 78,921 shares of company stock worth $1,861,684 in the last three months. Corporate insiders own 5.32% of the company’s stock.
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Quanex Building Products Company Profile
Quanex Building Products Corporation manufactures components for original equipment manufacturers (OEM) in the building products industry. The Company’s components can be categorized as window and door (fenestration) components, and kitchen and bath cabinet components. The Company operates through three segments: North American Engineered Components (NA Engineered Components), which consists of four operating segments primarily focused on the fenestration market in North America manufacturing vinyl profiles, insulating glass (IG) spacers, screens and other fenestration components; European Engineered Components (EU Engineered Components), which consists of the United Kingdom-based vinyl extrusion business, manufacturing vinyl profiles and conservatories, and the European insulating glass business manufacturing IG spacers, and North American Cabinet Components (NA Cabinet Components), which consists of the North American cabinet door and components business.
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