Quanex Building Products (NYSE:NX) Shares Break Above 50 Day Moving Average – Here’s Why

Quanex Building Products Corporation (NYSE:NX) shares crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $19.80 and traded as high as $20.08. Quanex Building Products shares last traded at $20.0750, with a volume of 470,167 shares.

Analyst Upgrades and Downgrades

Several analysts recently commented on NX shares. Zacks Research upgraded Quanex Building Products from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Benchmark reissued a “buy” rating on shares of Quanex Building Products in a research report on Thursday, August 27th. Weiss Ratings upgraded shares of Quanex Building Products from a “sell (d)” rating to a “hold (c)” rating in a report on Tuesday, September 8th. Finally, Wall Street Zen lowered shares of Quanex Building Products from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 17th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $28.00.

Quanex Building Products Price Performance

The company has a 50 day moving average price of $19.80 and a 200 day moving average price of $19.04.

Quanex Building Products (NYSE:NX) last posted its quarterly earnings results on Thursday, September 3rd. The construction company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. The firm had revenue of $501.85 million for the quarter, compared to analyst estimates of $497.51 million. During the same period last year, the company posted ($6.04) earnings per share. Analysts anticipate that Quanex Building Products Corporation will post 1.82 earnings per share for the current year.

Quanex Building Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.32 annualized dividend and a yield of 1.6%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NX. Integrated Wealth Concepts LLC bought a new position in Quanex Building Products in the 2nd quarter valued at about $26,000. Public Employees Retirement System of Ohio acquired a new position in Quanex Building Products during the 2nd quarter valued at about $36,000. GAMMA Investing LLC increased its holdings in Quanex Building Products by 63.6% during the 3rd quarter. GAMMA Investing LLC now owns 5,227 shares of the construction company’s stock worth $99,000 after purchasing an additional 2,032 shares in the last quarter. Allworth Financial LP bought a new stake in Quanex Building Products during the 2nd quarter worth approximately $51,000. Finally, Byrne Asset Management LLC increased its holdings in Quanex Building Products by 58.5% during the 2nd quarter. Byrne Asset Management LLC now owns 8,290 shares of the construction company’s stock worth $154,000 after purchasing an additional 3,060 shares in the last quarter. 97.48% of the stock is owned by institutional investors.

About Quanex Building Products

Quanex Building Products Corporation (NYSE: NX) is a manufacturer of components and systems used in the production of energy-efficient windows, doors, cabinets and other building products. The company primarily serves original equipment manufacturers and fabricators rather than selling finished construction products directly to consumers.

Its product portfolio includes insulating glass components, spacer systems, window and door profiles, screens, fenestration hardware, weather-sealing products, cabinet doors and drawer fronts.