AZZ Inc. (AZZ) Downgraded by Zacks Investment Research
AZZ Inc. (NYSE:AZZ) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Friday.
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 restated a “hold” rating and issued a $55.00 target price on shares of AZZ in a research note on Wednesday, July 6th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $60.00.
AZZ (NYSE:AZZ) traded down 4.27% during midday trading on Friday, reaching $55.82. 438,372 shares of the company traded hands. 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 $64.96 and a 200-day moving average price of $60.35. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 18.61 and a beta of 1.34.
AZZ (NYSE:AZZ) last issued its earnings results on Wednesday, October 5th. The company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by $0.17. The firm earned $195 million during the quarter, compared to analyst estimates of $225.43 million. AZZ had a net margin of 7.88% and a return on equity of 15.84%. The business’s revenue for the quarter was down 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 earnings per share. On average, analysts predict that AZZ will post $3.31 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Tuesday, October 18th will be paid a dividend of $0.17 per share. This is a positive change from AZZ’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend is Friday, October 14th. AZZ’s dividend payout ratio is currently 22.06%.
In related news, Director Wallace P. Eisman acquired 1,000 shares of the company’s stock in a transaction on Friday, July 15th. The stock was purchased at an average cost of $62.27 per share, for a total transaction of $62,270.00. Following the completion of the purchase, the director now directly owns 4,641 shares of the company’s stock, valued at approximately $288,995.07. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Timothy E. Pendley sold 1,200 shares of the stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $62.02, for a total value of $74,424.00. Following the transaction, the senior vice president now owns 30,980 shares of the company’s stock, valued at $1,921,379.60. The disclosure for this sale can be found here. Company insiders own 0.01% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its position in AZZ by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 11,500 shares of the company’s stock valued at $690,000 after buying an additional 100 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of AZZ by 0.6% in the second quarter. JPMorgan Chase & Co. now owns 16,826 shares of the company’s stock valued at $1,009,000 after buying an additional 100 shares during the last quarter. PineBridge Investments L.P. boosted its stake in shares of AZZ by 4.1% in the second quarter. PineBridge Investments L.P. now owns 3,288 shares of the company’s stock valued at $197,000 after buying an additional 131 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of AZZ by 12.7% in the second quarter. Advisors Asset Management Inc. now owns 1,737 shares of the company’s stock valued at $104,000 after buying an additional 196 shares during the last quarter. Finally, United Services Automobile Association boosted its stake in shares of AZZ by 2.9% in the second quarter. United Services Automobile Association now owns 7,190 shares of the company’s stock valued at $431,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors 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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