Bank of New York Mellon Corp Reduces Position in Tredegar Corporation (TG)
Bank of New York Mellon Corp trimmed its holdings in shares of Tredegar Corporation (NYSE:TG) by 1.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 413,863 shares of the basic materials company’s stock after selling 4,500 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.26% of Tredegar Corporation worth $6,311,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in TG. Great West Life Assurance Co. Can grew its holdings in Tredegar Corporation by 10.1% during the second quarter. Great West Life Assurance Co. Can now owns 37,646 shares of the basic materials company’s stock valued at $572,000 after purchasing an additional 3,450 shares during the period. Texas Permanent School Fund increased its position in Tredegar Corporation by 1.1% in the second quarter. Texas Permanent School Fund now owns 18,570 shares of the basic materials company’s stock worth $283,000 after buying an additional 193 shares in the last quarter. Arizona State Retirement System increased its position in Tredegar Corporation by 0.8% in the second quarter. Arizona State Retirement System now owns 13,284 shares of the basic materials company’s stock worth $203,000 after buying an additional 100 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its position in Tredegar Corporation by 85.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 10,720 shares of the basic materials company’s stock worth $164,000 after buying an additional 4,950 shares in the last quarter. Institutional investors own 62.67% of the company’s stock.
Shares of Tredegar Corporation (NYSE:TG) opened at 18.60 on Tuesday. Tredegar Corporation has a 1-year low of $14.65 and a 1-year high of $25.60. The firm’s 50-day moving average is $16.77 and its 200-day moving average is $16.33. The company has a market cap of $613.06 million, a PE ratio of 9.94 and a beta of 1.73.
The company also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 15th were given a dividend of $0.11 per share. The ex-dividend date was Thursday, September 14th. This represents a $0.44 annualized dividend and a yield of 2.37%. Tredegar Corporation’s dividend payout ratio is presently 23.53%.
Several research firms have recently commented on TG. BidaskClub raised Tredegar Corporation from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 5th. TheStreet upgraded Tredegar Corporation from a “c+” rating to a “b-” rating in a research note on Friday, August 25th.
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Tredegar Corporation Profile
Tredegar Corporation is engaged in the manufacture of polyethylene plastic films, polyester films and aluminum extrusions. The Company’s segments are PE Films, Flexible Packaging Films and Aluminum Extrusions. The PE Films segment manufactures plastic films, elastics and laminate materials utilized in personal care materials, surface protection films and specialty and optical lighting applications.
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