Several other hedge funds and other institutional investors also recently modified their holdings of AZZ. Russell Investments Group Ltd. bought a new position in shares of AZZ during the fourth quarter valued at about $1,146,000. Comerica Bank increased its position in shares of AZZ by 5.3% in the fourth quarter. Comerica Bank now owns 27,630 shares of the industrial products company’s stock valued at $1,652,000 after buying an additional 1,387 shares during the period. State Street Corp increased its position in shares of AZZ by 6.3% in the fourth quarter. State Street Corp now owns 570,078 shares of the industrial products company’s stock valued at $36,425,000 after buying an additional 33,960 shares during the period. Norges Bank acquired a new position in shares of AZZ during the fourth quarter valued at $22,503,000. Finally, Philadelphia Trust Co. increased its position in shares of AZZ by 112.8% in the fourth quarter. Philadelphia Trust Co. now owns 118,343 shares of the industrial products company’s stock valued at $7,562,000 after buying an additional 62,738 shares during the period. Hedge funds and other institutional investors own 86.70% of the company’s stock.
TIAA CREF Investment Management LLC decreased its stake in AZZ Inc. (NYSE:AZZ) by 14.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,087 shares of the industrial products company’s stock after selling 18,509 shares during the period. TIAA CREF Investment Management LLC’s holdings in AZZ were worth $6,312,000 as of its most recent filing with the SEC.
Shares of AZZ Inc. (NYSE:AZZ) traded down 0.20% during mid-day trading on Wednesday, reaching $50.20. 73,630 shares of the company were exchanged. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 24.72 and a beta of 1.58. The firm’s 50-day moving average is $53.07 and its 200-day moving average is $56.66. AZZ Inc. has a 12 month low of $47.63 and a 12 month high of $67.98.
AZZ (NYSE:AZZ) last announced its quarterly earnings data on Thursday, July 6th. The industrial products company reported $0.51 EPS for the quarter, missing the Zacks’ consensus estimate of $0.70 by $0.19. The business had revenue of $208.60 million during the quarter, compared to the consensus estimate of $225.08 million. AZZ had a return on equity of 10.98% and a net margin of 6.44%. The business’s revenue for the quarter was down 14.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 EPS. On average, equities analysts forecast that AZZ Inc. will post $2.62 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Tuesday, July 18th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend was Friday, July 14th. AZZ’s dividend payout ratio is presently 33.50%.
Several brokerages have weighed in on AZZ. Zacks Investment Research downgraded AZZ from a “buy” rating to a “strong sell” rating in a report on Wednesday, April 26th. Stifel Nicolaus lowered their price objective on shares of AZZ from $58.00 to $56.00 and set a “hold” rating for the company in a research note on Friday, July 7th. BidaskClub cut shares of AZZ from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Finally, TheStreet cut shares of AZZ from a “b” rating to a “c+” rating in a research note on Friday, July 7th.
In other news, insider Thomas E. Ferguson purchased 5,000 shares of the company’s stock in a transaction on Tuesday, July 11th. The shares were purchased at an average cost of $49.59 per share, with a total value of $247,950.00. Following the completion of the transaction, the insider now owns 49,037 shares of the company’s stock, valued at approximately $2,431,744.83. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Paul Wesley Fehlman purchased 1,500 shares of the company’s stock in a transaction on Tuesday, July 11th. The shares were purchased at an average cost of $49.31 per share, for a total transaction of $73,965.00. Following the completion of the transaction, the chief financial officer now directly owns 9,287 shares of the company’s stock, valued at approximately $457,941.97. The disclosure for this purchase can be found here. 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.