Tredegar (NYSE:TG) Upgraded to “Strong-Buy” at StockNews.com

Posted by on Jun 23rd, 2022

StockNews.com upgraded shares of Tredegar (NYSE:TG – Get Rating) from a buy rating to a strong-buy rating in a research note issued to investors on Wednesday morning.

Tredegar stock opened at $10.25 on Wednesday. The business’s 50-day simple moving average is $11.70 and its 200 day simple moving average is $11.76. The stock has a market cap of $346.99 million, a price-to-earnings ratio of 5.28 and a beta of 0.91. Tredegar has a 12-month low of $9.95 and a 12-month high of $14.33. The company has a quick ratio of 1.00, a current ratio of 1.60 and a debt-to-equity ratio of 0.62.

Tredegar (NYSE:TG – Get Rating) last posted its quarterly earnings results on Monday, May 9th. The basic materials company reported $0.50 earnings per share (EPS) for the quarter. The business had revenue of $236.30 million for the quarter. Tredegar had a return on equity of 27.02% and a net margin of 7.36%.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Friday, June 17th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 4.68%. The ex-dividend date is Thursday, June 16th. Tredegar’s dividend payout ratio is 24.74%.

A number of large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its stake in Tredegar by 6.3% in the first quarter. Bank of America Corp DE now owns 269,375 shares of the basic materials company’s stock valued at $3,229,000 after buying an additional 15,849 shares during the period. Gabelli Funds LLC lifted its stake in Tredegar by 4.5% in the first quarter. Gabelli Funds LLC now owns 449,178 shares of the basic materials company’s stock valued at $5,386,000 after buying an additional 19,178 shares during the period. Gamco Investors INC. ET AL lifted its stake in Tredegar by 5.8% in the first quarter. Gamco Investors INC. ET AL now owns 3,193,336 shares of the basic materials company’s stock valued at $38,288,000 after buying an additional 174,531 shares during the period. Zebra Capital Management LLC acquired a new position in Tredegar in the first quarter valued at about $165,000. Finally, Royal Bank of Canada raised its position in shares of Tredegar by 43.8% during the first quarter. Royal Bank of Canada now owns 23,074 shares of the basic materials company’s stock worth $277,000 after purchasing an additional 7,031 shares during the period. 61.58% of the stock is currently owned by hedge funds and other institutional investors.

About Tredegar (Get Rating)

Tredegar Corporation, through its subsidiaries, manufactures and sells aluminum extrusions, polyethylene (PE) films, and polyester films in the United States and internationally. It operates through three segments: Aluminum Extrusions, PE Films, and Flexible Packaging Films. The Aluminum Extrusions segment produces soft-alloy and medium-strength custom fabricated and finished aluminum extrusions for the building and construction, automotive and transportation, consumer durables, machinery and equipment, electrical and renewable energy, and distribution markets; and manufactures mill, anodized, and painted and fabricated aluminum extrusions to fabricators and distributors.

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