Quanex Building Products (NYSE:NX) Rating Increased to Buy at Zacks Investment Research

Quanex Building Products (NYSE:NX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The brokerage presently has a $31.00 price target on the construction company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 17.83% from the company’s current price.

According to Zacks, “Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers in building products industry. Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components. These components can be categorized as window and door (fenestration) components and kitchen and bath cabinet components. Examples of fenestration components include (1) energy-efficient flexible insulating glass spacers, (2) extruded vinyl profiles, (3) window and door screens, and (4) precision-formed metal and wood products. In addition, Quanex provide certain other non-fenestration components and products, which include solar panel sealants, wood flooring, trim moldings, vinyl decking, fencing, water retention barriers, and conservatory roof components. Quanex use low-cost production processes and engineering expertise to provide customers with specialized products for their specific window, door, and cabinet applications. “

Shares of Quanex Building Products stock opened at $26.31 on Wednesday. The stock has a market capitalization of $883.91 million, a price-to-earnings ratio of 15.66 and a beta of 1.69. Quanex Building Products has a 52 week low of $12.09 and a 52 week high of $29.02. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.73 and a quick ratio of 1.14. The company has a 50 day moving average of $27.03.

Quanex Building Products (NYSE:NX) last announced its quarterly earnings results on Wednesday, June 2nd. The construction company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.13. The company had revenue of $270.40 million for the quarter, compared to analyst estimates of $230.40 million. Quanex Building Products had a net margin of 5.72% and a return on equity of 15.44%. The firm’s revenue was up 44.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.19 earnings per share. As a group, sell-side analysts predict that Quanex Building Products will post 1.46 earnings per share for the current year.

A number of large investors have recently bought and sold shares of the stock. FMR LLC lifted its holdings in Quanex Building Products by 591.7% in the first quarter. FMR LLC now owns 1,757 shares of the construction company’s stock valued at $28,000 after acquiring an additional 1,503 shares during the period. Captrust Financial Advisors lifted its holdings in Quanex Building Products by 294.7% in the first quarter. Captrust Financial Advisors now owns 1,804 shares of the construction company’s stock valued at $47,000 after acquiring an additional 1,347 shares during the period. Arlington Partners LLC acquired a new stake in Quanex Building Products in the first quarter valued at $64,000. Point72 Hong Kong Ltd lifted its holdings in Quanex Building Products by 2,767.0% in the first quarter. Point72 Hong Kong Ltd now owns 2,523 shares of the construction company’s stock valued at $66,000 after acquiring an additional 2,435 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in Quanex Building Products by 561.6% in the fourth quarter. Lazard Asset Management LLC now owns 4,433 shares of the construction company’s stock valued at $98,000 after acquiring an additional 3,763 shares during the period. Hedge funds and other institutional investors own 98.01% of the company’s stock.

About Quanex Building Products

Quanex Building Products Corporation, together with its subsidiaries, provides components for the fenestration industry worldwide. It operates through three segments: North American Fenestration, European Fenestration, and North American Cabinet Components. The company offers flexible insulating glass spacers, extruded vinyl profiles, window and door screens, and precision-formed metal and wood products, as well as cabinet doors and other components for original equipment manufacturers (OEMs) in the kitchen and bathroom cabinet industry.

See Also: Environmental, Social, and Governance (ESG) Investing

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