Quanex Building Products Corporation (NYSE:NX)’s share price shot up 6.2% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $22.50 and last traded at $22.30. 799,425 shares changed hands during mid-day trading, an increase of 473% from the average session volume of 139,475 shares. The stock had previously closed at $21.00.

The construction company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.08. Quanex Building Products had a return on equity of 7.14% and a net margin of 2.16%. The firm had revenue of $233.00 million during the quarter, compared to the consensus estimate of $232.47 million. During the same quarter in the previous year, the business earned $0.45 earnings per share. The firm’s quarterly revenue was down 6.5% compared to the same quarter last year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend is Thursday, December 14th. Quanex Building Products’s dividend payout ratio (DPR) is presently 30.19%.

Several brokerages have recently weighed in on NX. Zacks Investment Research downgraded Quanex Building Products from a “hold” rating to a “sell” rating in a research report on Wednesday. KeyCorp reaffirmed a “hold” rating on shares of Quanex Building Products in a research report on Friday, October 27th. TheStreet raised Quanex Building Products from a “c” rating to a “b-” rating in a research report on Wednesday, September 6th. Wedbush raised Quanex Building Products from a “neutral” rating to an “outperform” rating and decreased their target price for the stock from $25.00 to $24.00 in a research report on Friday, September 8th. Finally, BidaskClub downgraded Quanex Building Products from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. Quanex Building Products has a consensus rating of “Hold” and an average price target of $24.00.

In related news, VP Brent L. Korb sold 17,500 shares of the business’s stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $21.15, for a total value of $370,125.00. Following the transaction, the vice president now owns 94,679 shares in the company, valued at $2,002,460.85. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.32% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA grew its holdings in shares of Quanex Building Products by 36.5% during the second quarter. BNP Paribas Arbitrage SA now owns 10,833 shares of the construction company’s stock valued at $229,000 after purchasing an additional 2,895 shares during the last quarter. Wolverine Trading LLC bought a new position in shares of Quanex Building Products during the third quarter valued at approximately $231,000. Trexquant Investment LP bought a new position in shares of Quanex Building Products during the third quarter valued at approximately $271,000. Municipal Employees Retirement System of Michigan grew its holdings in shares of Quanex Building Products by 59.1% during the third quarter. Municipal Employees Retirement System of Michigan now owns 12,920 shares of the construction company’s stock valued at $297,000 after purchasing an additional 4,800 shares during the last quarter. Finally, Crossmark Global Holdings Inc. bought a new position in shares of Quanex Building Products during the third quarter valued at approximately $299,000. Hedge funds and other institutional investors own 99.81% of the company’s stock.

The company has a market cap of $723.32, a price-to-earnings ratio of 27.27 and a beta of 0.70. The company has a current ratio of 1.79, a quick ratio of 0.93 and a debt-to-equity ratio of 0.61.

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About Quanex Building Products

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