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Tredegar Co. (NYSE:TG – Get Rating) was the recipient of a significant growth in short interest in May. As of May 31st, there was short interest totalling 699,100 shares, a growth of 53.5% from the May 15th total of 455,300 shares. Currently, 2.8% of the company’s shares are sold short. Based on an average daily volume of 148,300 shares, the short-interest ratio is currently 4.7 days.
A number of hedge funds have recently made changes to their positions in TG. Morgan Stanley lifted its stake in Tredegar by 114.5% in the second quarter. Morgan Stanley now owns 173,841 shares of the basic materials company’s stock valued at $2,394,000 after acquiring an additional 92,789 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Tredegar by 182.8% in the third quarter. Goldman Sachs Group Inc. now owns 197,784 shares of the basic materials company’s stock valued at $2,409,000 after acquiring an additional 127,840 shares during the last quarter. Credit Suisse AG lifted its stake in Tredegar by 15.8% in the third quarter. Credit Suisse AG now owns 287,020 shares of the basic materials company’s stock valued at $3,495,000 after acquiring an additional 39,199 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Tredegar by 6.1% in the third quarter. The Manufacturers Life Insurance Company now owns 17,915 shares of the basic materials company’s stock valued at $218,000 after acquiring an additional 1,031 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Tredegar by 24.1% in the third quarter. Renaissance Technologies LLC now owns 186,100 shares of the basic materials company’s stock valued at $2,267,000 after purchasing an additional 36,200 shares during the period. Hedge funds and other institutional investors own 61.58% of the company’s stock.
Separately, StockNews.com downgraded shares of Tredegar from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 9th.
Shares of Tredegar stock traded up $0.01 on Wednesday, hitting $11.19. The company had a trading volume of 1,429 shares, compared to its average volume of 138,968. The firm has a market capitalization of $378.82 million, a P/E ratio of 5.76 and a beta of 0.91. Tredegar has a twelve month low of $10.59 and a twelve month high of $16.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.60 and a quick ratio of 1.00. The stock has a 50-day moving average of $11.86 and a 200-day moving average of $11.79.
Tredegar (NYSE:TG – Get Rating) last released its quarterly earnings results on Monday, May 9th. The basic materials company reported $0.50 earnings per share for the quarter. Tredegar had a net margin of 7.36% and a return on equity of 27.02%. The company had revenue of $236.30 million during the quarter.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Friday, June 17th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend is Thursday, June 16th. Tredegar’s payout ratio is 24.74%.
Tredegar Company Profile (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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