Emerald Acquisition Ltd. Purchases New Position in AZZ Inc. (AZZ)
Emerald Acquisition Ltd. purchased a new position in shares of AZZ Inc. (NYSE:AZZ) during the second quarter, Holdings Channel reports. The institutional investor purchased 62,733 shares of the company’s stock, valued at approximately $3,762,000. Emerald Acquisition Ltd. owned 0.24% of AZZ as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Norges Bank bought a new stake in shares of AZZ during the fourth quarter worth $13,988,000. Glenmede Trust Co. NA increased its stake in shares of AZZ by 3.8% in the first quarter. Glenmede Trust Co. NA now owns 537,248 shares of the company’s stock worth $30,407,000 after buying an additional 19,533 shares during the period. Apex Capital Management increased its stake in shares of AZZ by 19.7% in the first quarter. Apex Capital Management now owns 254,727 shares of the company’s stock worth $14,418,000 after buying an additional 41,961 shares during the period. Virginia Retirement System bought a new stake in shares of AZZ during the first quarter worth $1,075,000. Finally, BlackRock Inc. increased its stake in shares of AZZ by 131.3% in the first quarter. BlackRock Inc. now owns 1,876 shares of the company’s stock worth $106,000 after buying an additional 1,065 shares during the period. 84.08% of the stock is owned by hedge funds and other institutional investors.
Shares of AZZ Inc. (NYSE:AZZ) traded up 1.16% during trading on Wednesday, hitting $65.18. 125,984 shares of the stock were exchanged. AZZ Inc. has a 1-year low of $46.39 and a 1-year high of $67.98. The company has a market cap of $1.69 billion, a P/E ratio of 21.73 and a beta of 1.45. The firm’s 50-day moving average is $65.05 and its 200 day moving average is $59.67.
AZZ (NYSE:AZZ) last issued its earnings results on Tuesday, July 5th. The company reported $0.81 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.84 by $0.03. The firm had revenue of $242.70 million for the quarter. AZZ had a return on equity of 16.95% and a net margin of 8.50%. The company’s revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.77 EPS. Equities analysts forecast that AZZ Inc. will post $3.31 earnings per share for the current fiscal year.
A number of analysts have weighed in on AZZ shares. Zacks Investment Research raised shares of AZZ from a “sell” rating to a “hold” rating in a report on Monday, May 30th. DA Davidson restated a “hold” rating and issued a $55.00 price objective on shares of AZZ in a research note on Wednesday, July 6th. Five research analysts have rated the stock with a hold rating, AZZ has a consensus rating of “Hold” and a consensus target price of $60.00.
In other news, Director Wallace P. Eisman bought 1,000 shares of the stock in a transaction that occurred on Friday, July 15th. The shares were acquired at an average cost of $62.27 per share, for a total transaction of $62,270.00. Following the completion of the acquisition, the director now owns 4,641 shares in the company, valued at $288,995.07. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Timothy E. Pendley sold 1,200 shares of the business’s stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $62.02, for a total transaction of $74,424.00. Following the transaction, the senior vice president now owns 30,980 shares in the company, valued at $1,921,379.60. The disclosure for this sale can be found here. Corporate insiders own 0.01% of the company’s stock.
AZZ Company Profile
AZZ Inc is a provider of galvanizing services, welding solutions, specialty electrical equipment and engineered services to the power generation, transmission, distribution, refining and industrial markets. The Company operates through two segments: Energy segment and Galvanizing segment. Its Energy segment provides products and services designed to support industrial, nuclear and electrical applications.
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