Quanex Building Products (NYSE:NX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $31.00 price objective on the construction company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 17.83% from the stock’s previous close.
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. “
NX stock opened at $26.31 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.14 and a current ratio of 1.73. The firm has a market cap of $883.91 million, a price-to-earnings ratio of 15.66 and a beta of 1.69. Quanex Building Products has a 12-month low of $12.09 and a 12-month high of $29.02. The firm’s 50 day moving average price is $27.03.
Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC grew its stake in Quanex Building Products by 591.7% during the 1st quarter. FMR LLC now owns 1,757 shares of the construction company’s stock worth $28,000 after buying an additional 1,503 shares during the last quarter. Captrust Financial Advisors grew its stake in shares of Quanex Building Products by 294.7% in the first quarter. Captrust Financial Advisors now owns 1,804 shares of the construction company’s stock worth $47,000 after purchasing an additional 1,347 shares in the last quarter. Arlington Partners LLC bought a new position in shares of Quanex Building Products in the first quarter worth $64,000. Point72 Hong Kong Ltd grew its stake in shares of 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 worth $66,000 after purchasing an additional 2,435 shares in the last quarter. Finally, Lazard Asset Management LLC grew its stake in shares of 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 worth $98,000 after purchasing an additional 3,763 shares in the last quarter. 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.
Further Reading: What is the role of the G-20?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Quanex Building Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Quanex Building Products and related companies with MarketBeat.com's FREE daily email newsletter.