Tredegar Co. (NYSE:TG) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 448,100 shares, a drop of 5.5% from the June 30th total of 474,200 shares. Based on an average daily trading volume, of 92,300 shares, the days-to-cover ratio is presently 4.9 days. Approximately 1.6% of the shares of the company are sold short.
Hedge funds have recently modified their holdings of the stock. Manchester Financial Inc. acquired a new position in Tredegar during the second quarter worth $32,000. Quantamental Technologies LLC raised its holdings in Tredegar by 100.0% during the first quarter. Quantamental Technologies LLC now owns 2,200 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 1,100 shares during the last quarter. Meeder Asset Management Inc. raised its holdings in Tredegar by 206.0% during the first quarter. Meeder Asset Management Inc. now owns 3,452 shares of the basic materials company’s stock worth $56,000 after purchasing an additional 2,324 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in Tredegar by 208.0% during the first quarter. BNP Paribas Arbitrage SA now owns 6,098 shares of the basic materials company’s stock worth $98,000 after purchasing an additional 4,118 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan acquired a new position in Tredegar during the fourth quarter worth $114,000. 65.62% of the stock is owned by hedge funds and other institutional investors.
Separately, ValuEngine downgraded Tredegar from a “hold” rating to a “sell” rating in a research note on Wednesday, May 8th.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.12 dividend. This is a boost from Tredegar’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Thursday, September 12th.
Tredegar Corporation, through its subsidiaries, manufactures and sells polyethylene (PE) plastic films, polyester films, and aluminum extrusions worldwide. It operates through PE Films, Flexible Packaging Films, and Aluminum Extrusions segments. The PE Films segment offers personal care materials, such as apertured films and laminate materials for use in feminine hygiene products, baby diapers, and adult incontinence products under the ComfortAire, ComfortFeel, and FreshFeel brands; elastic materials for use as components for baby diapers, adult incontinence products, and feminine hygiene products under the ExtraFlex and FlexAire brands; and three-dimensional apertured film transfer layers for baby diapers and adult incontinence products under the AquiSoft, AquiDry, and AquiDry Plus brands.
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