In a recent move, Paul Cornett, the SVP General Counsel and Secretary of Quanex (NYSE:NX) Building Products Corp (NYSE:NX), sold shares of the company's stock, totaling over $200,000. This transaction was part of a pre-set trading plan and comes alongside the acquisition of shares through the exercise of stock options.
Cornett executed two separate sales on March 20 and March 21, disposing of 2,436 and 3,064 shares respectively. These sales were conducted at prices ranging from $37.5535 to $37.7172 per share, summing up to a total value of approximately $207,045. It's worth noting that these sales were part of a Rule 10b5-1 trading plan, which allows company insiders to sell stocks at predetermined times to avoid accusations of insider trading.
Additionally, Cornett also acquired shares through the exercise of stock options on the same dates. The options were exercised at a price of $19.31 per share, amounting to a total of $106,205 for both transactions. Following these transactions, Cornett's ownership in Quanex Building Products includes an additional 10.782 shares credited to his account from prior dividend reinvestments under the company's Employee Stock Purchase Plan.
Investors often monitor insider transactions as they provide insights into executives' perspectives on the company's stock value. The recent sales and acquisitions by Cornett may be of particular interest to current and potential shareholders of Quanex Building Products Corp .
InvestingPro Insights
In the wake of Paul Cornett's recent stock transactions involving Quanex Building Products Corp (NYSE:NX), investors may be keen on understanding the company's current financial health and market position. Here are some key metrics from InvestingPro that could shed light on the company's performance:
- Quanex Building Products Corp currently holds a market capitalization of $1.25 billion, which reflects the company's value as perceived by the market.
- The Price-to-Earnings (P/E) Ratio stands at 14.32, indicating how much investors are willing to pay for a dollar of earnings. This can be a measure of the market's optimism about the company's growth prospects.
- The company has experienced a Year-To-Date Price Total Return of 25.37%, showcasing a strong performance in the stock market so far this year.
InvestingPro Tips suggest that Quanex Building Products Corp has maintained dividend payments for an impressive 17 consecutive years, which could be a sign of the company's commitment to returning value to shareholders. Additionally, analysts have revised their earnings upwards for the upcoming period, indicating potential confidence in the company's financial future.
For those looking to delve deeper into the company's prospects, there are additional InvestingPro Tips available. These tips could provide further insights into Quanex Building Products Corp's financial health and stock performance. To access these tips and make more informed investment decisions, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/NX.
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