AZZ Inc. (AZZ) Posts Earnings Results, Misses Expectations By $0.34 EPS
AZZ Inc. (NYSE:AZZ) issued its quarterly earnings data on Wednesday. The company reported $0.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.72 by $0.34. AZZ had a net margin of 8.50% and a return on equity of 16.95%. The firm earned $195 million during the quarter, compared to analysts’ expectations of $225.43 million. During the same quarter in the prior year, the firm posted $0.67 EPS. AZZ’s quarterly revenue was down 9.0% compared to the same quarter last year.
AZZ (NYSE:AZZ) opened at 56.00 on Thursday. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 18.67 and a beta of 1.34. The stock has a 50 day moving average price of $65.17 and a 200-day moving average price of $60.36. AZZ has a 12-month low of $47.04 and a 12-month high of $67.98.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Tuesday, October 18th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Friday, October 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.21%. This is a positive change from AZZ’s previous quarterly dividend of $0.15. AZZ’s payout ratio is presently 19.93%.
In other AZZ news, SVP Timothy E. Pendley sold 1,200 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 30,980 shares in the company, valued at approximately $1,921,379.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Wallace P. Eisman acquired 1,000 shares of the stock in a transaction on Friday, July 15th. The shares were acquired at an average price of $62.27 per share, with a total value of $62,270.00. Following the purchase, the director now owns 4,641 shares in the company, valued at $288,995.07. The disclosure for this purchase can be found here. 0.01% of the stock is owned by insiders.
Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of AZZ by 4.1% in the second quarter. Vanguard Group Inc. now owns 2,007,890 shares of the company’s stock worth $120,434,000 after buying an additional 78,992 shares during the period. BlackRock Fund Advisors raised its stake in shares of AZZ by 2.8% in the second quarter. BlackRock Fund Advisors now owns 1,635,714 shares of the company’s stock worth $98,110,000 after buying an additional 44,844 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of AZZ by 4.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 667,079 shares of the company’s stock worth $40,011,000 after buying an additional 30,471 shares during the period. State Street Corp raised its stake in shares of AZZ by 1.5% in the first quarter. State Street Corp now owns 512,865 shares of the company’s stock worth $29,029,000 after buying an additional 7,440 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of AZZ by 0.3% in the second quarter. Victory Capital Management Inc. now owns 511,809 shares of the company’s stock worth $30,699,000 after buying an additional 1,363 shares during the period. Hedge funds and other institutional investors own 84.08% of the company’s stock.
A number of equities research analysts have weighed in on AZZ shares. DA Davidson reiterated a “hold” rating and issued a $55.00 price objective on shares of AZZ in a research note on Wednesday, July 6th. Zacks Investment Research cut AZZ from a “buy” rating to a “hold” rating in a research note on Friday, July 8th. Five equities research analysts have rated the stock with a hold rating, AZZ has a consensus rating of “Hold” and a consensus price target of $60.00.
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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