Smith Asset Management Group LP cut its stake in shares of Smith (A.O.) Corporation (NYSE:AOS) by 14.3% during the second quarter, Holdings Channel reports. The fund owned 198,602 shares of the industrial products company’s stock after selling 33,020 shares during the period. Smith Asset Management Group LP’s holdings in Smith (A.O.) Corporation were worth $11,187,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Smith (A.O.) Corporation by 2.7% in the first quarter. Vanguard Group Inc. now owns 13,458,672 shares of the industrial products company’s stock valued at $688,546,000 after buying an additional 352,139 shares during the last quarter. BlackRock Inc. boosted its position in shares of Smith (A.O.) Corporation by 4,592.7% in the first quarter. BlackRock Inc. now owns 13,065,205 shares of the industrial products company’s stock worth $668,415,000 after buying an additional 12,786,787 shares during the last quarter. Janus Capital Management LLC boosted its position in shares of Smith (A.O.) Corporation by 18.5% in the first quarter. Janus Capital Management LLC now owns 8,349,956 shares of the industrial products company’s stock worth $427,184,000 after buying an additional 1,306,490 shares during the last quarter. State Street Corp boosted its position in shares of Smith (A.O.) Corporation by 12.5% in the first quarter. State Street Corp now owns 7,049,020 shares of the industrial products company’s stock worth $360,634,000 after buying an additional 781,403 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Smith (A.O.) Corporation by 38.1% in the first quarter. Alliancebernstein L.P. now owns 3,679,499 shares of the industrial products company’s stock worth $188,243,000 after buying an additional 1,014,464 shares during the last quarter. 74.64% of the stock is currently owned by institutional investors and hedge funds.

Smith (NYSE AOS) opened at 53.68 on Friday. The stock’s 50 day moving average is $55.75 and its 200 day moving average is $53.01. Smith has a 52-week low of $43.66 and a 52-week high of $57.97. The company has a market cap of $9.26 billion, a price-to-earnings ratio of 27.25 and a beta of 1.51.

Smith (A.O.) Corporation (NYSE:AOS) last announced its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $0.53 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.53. The firm had revenue of $738.20 million during the quarter, compared to analyst estimates of $729.33 million. Smith (A.O.) Corporation had a return on equity of 22.25% and a net margin of 12.10%. The company’s revenue was up 10.7% on a year-over-year basis. During the same period last year, the company earned $0.49 earnings per share. Equities research analysts forecast that Smith will post $2.11 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 31st will be given a $0.14 dividend. The ex-dividend date is Thursday, July 27th. This represents a $0.56 dividend on an annualized basis and a yield of 1.04%. Smith (A.O.) Corporation’s payout ratio is 28.43%.

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A number of equities analysts have issued reports on AOS shares. BMO Capital Markets restated a “buy” rating and set a $60.00 target price on shares of Smith (A.O.) Corporation in a research report on Friday, July 28th. Boenning Scattergood reiterated a “buy” rating on shares of Smith (A.O.) Corporation in a report on Wednesday, July 26th. BidaskClub downgraded shares of Smith (A.O.) Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Jefferies Group LLC restated a “buy” rating on shares of Smith (A.O.) Corporation in a report on Friday, July 14th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $56.00 target price on shares of Smith (A.O.) Corporation in a report on Friday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $68.00.

In related news, Director Ronald D. Brown sold 8,000 shares of Smith (A.O.) Corporation stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $54.25, for a total value of $434,000.00. Following the completion of the sale, the director now directly owns 43,896 shares in the company, valued at $2,381,358. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John J. Kita sold 12,200 shares of Smith (A.O.) Corporation stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $56.32, for a total value of $687,104.00. Following the completion of the sale, the insider now owns 85,067 shares of the company’s stock, valued at $4,790,973.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,400 shares of company stock valued at $5,734,444. Corporate insiders own 1.27% of the company’s stock.

About Smith (A.O.) Corporation

A. O. Smith Corporation operates through two segments: North America and Rest of World. The Company’s Rest of World segment primarily consists of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas, gas tankless and electric water heaters, as well as water treatment products.

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Institutional Ownership by Quarter for Smith (A.O.) Corporation (NYSE:AOS)

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