AZZ Inc. (AZZ) Releases Quarterly Earnings Results, Misses Estimates By $0.34 EPS
AZZ Inc. (NYSE:AZZ) issued its earnings results on Wednesday. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by $0.34. AZZ had a net margin of 8.50% and a return on equity of 16.95%.
Shares of AZZ (NYSE:AZZ) opened at 65.11 on Wednesday. The company has a 50 day moving average of $65.44 and a 200-day moving average of $60.39. AZZ has a 12 month low of $47.04 and a 12 month high of $67.98. The firm has a market capitalization of $1.69 billion, a P/E ratio of 21.70 and a beta of 1.34.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Tuesday, October 18th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.04%. This is an increase from AZZ’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, October 14th. AZZ’s dividend payout ratio (DPR) is currently 19.93%.
Several research analysts have recently issued reports on AZZ shares. Zacks Investment Research raised shares of AZZ from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a research note on Thursday, July 7th. DA Davidson reaffirmed a “hold” rating and issued a $55.00 target price on shares of AZZ in a research note on Wednesday, July 6th. Five equities research analysts have rated the stock with a hold rating, The company presently has a consensus rating of “Hold” and a consensus target price of $60.00.
In related news, SVP Timothy E. Pendley sold 1,200 shares of the business’s stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $62.02, for a total value of $74,424.00. Following the completion of the transaction, the senior vice president now owns 30,980 shares of the company’s stock, valued at $1,921,379.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Wallace P. Eisman purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The stock was bought at an average cost of $62.27 per share, with a total value of $62,270.00. Following the purchase, the director now owns 4,641 shares of the company’s stock, valued at $288,995.07. The disclosure for this purchase can be found here. 0.01% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Fund Advisors increased its position in 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. increased its position in 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. Origin Asset Management LLP increased its position in AZZ by 1.0% in the second quarter. Origin Asset Management LLP now owns 130,375 shares of the company’s stock worth $7,820,000 after buying an additional 1,300 shares during the period. BlackRock Investment Management LLC increased its position in AZZ by 7.6% in the second quarter. BlackRock Investment Management LLC now owns 108,320 shares of the company’s stock worth $6,497,000 after buying an additional 7,684 shares during the period. Finally, American Century Companies Inc. increased its position in AZZ by 1.8% in the second quarter. American Century Companies Inc. now owns 89,044 shares of the company’s stock worth $5,341,000 after buying an additional 1,596 shares during the period. 84.08% of the stock is owned by institutional investors and hedge funds.
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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