AZZ Inc. (AZZ) Downgraded by Zacks Investment Research
According to Zacks, “AZZ Incorporated is an electrical equipment and components manufacturer serving the global growth markets of power generation, transmission and distribution, and industrial markets as well as a provider of hot dip galvanizing services to the steel fabrication market nationwide. “
Separately, DA Davidson reissued a hold rating and set a $55.00 price target on shares of AZZ in a research note on Wednesday, July 6th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. AZZ currently has a consensus rating of Hold and a consensus price target of $60.00.
Shares of AZZ (NYSE:AZZ) opened at 54.25 on Friday. AZZ has a 12-month low of $47.04 and a 12-month high of $67.98. The company has a 50 day moving average price of $63.96 and a 200 day moving average price of $60.35. The firm has a market cap of $1.41 billion, a PE ratio of 20.03 and a beta of 1.34.
AZZ (NYSE:AZZ) last issued its quarterly earnings results on Wednesday, October 5th. The company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by $0.17. AZZ had a return on equity of 15.84% and a net margin of 7.88%. The business had revenue of $195 million for the quarter, compared to analysts’ expectations of $225.43 million. During the same period in the prior year, the company earned $0.67 EPS. The company’s revenue for the quarter was down 9.0% compared to the same quarter last year. On average, analysts forecast that AZZ will post $3.31 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Tuesday, October 18th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.25%. This is an increase from AZZ’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, October 14th. AZZ’s dividend payout ratio is presently 22.06%.
In other news, SVP Timothy E. Pendley sold 1,200 shares of the company’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 completion of the sale, the senior vice president now directly owns 30,980 shares in the company, valued at approximately $1,921,379.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Thomas E. Ferguson acquired 7,500 shares of the company’s stock in a transaction dated Monday, October 10th. The shares were purchased at an average price of $55.24 per share, with a total value of $414,300.00. Following the completion of the acquisition, the insider now owns 29,276 shares in the company, valued at $1,617,206.24. The disclosure for this purchase can be found here. Insiders own 0.01% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Mason Street Advisors LLC purchased a new stake in AZZ during the second quarter worth approximately $304,000. Aristotle Capital Boston LLC increased its stake in AZZ by 2.9% in the second quarter. Aristotle Capital Boston LLC now owns 69,388 shares of the company’s stock worth $4,162,000 after buying an additional 1,953 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in AZZ by 1.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 108,066 shares of the company’s stock worth $6,482,000 after buying an additional 1,779 shares during the last quarter. Legal & General Group Plc increased its stake in AZZ by 14.0% in the second quarter. Legal & General Group Plc now owns 6,847 shares of the company’s stock worth $403,000 after buying an additional 840 shares during the last quarter. Finally, Fiera Capital Corp purchased a new stake in AZZ during the second quarter worth approximately $14,738,000. Institutional investors and hedge funds own 84.08% 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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