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 research note 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 reiterated a “hold” rating and set 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 company has an average rating of “Hold” and a consensus target price of $60.00.
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Shares of AZZ (NYSE:AZZ) traded down 4.27% during mid-day trading on Friday, hitting $55.82. The stock had a trading volume of 438,372 shares. The stock has a 50 day moving average price of $64.96 and a 200 day moving average price of $60.35. The firm has a market cap of $1.45 billion, a PE ratio of 18.61 and a beta of 1.34. AZZ has a 52 week low of $47.04 and a 52 week high of $67.98.
AZZ (NYSE:AZZ) last issued its earnings results on Wednesday, October 5th. The company reported $0.55 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 the consensus estimate of $225.43 million. During the same quarter in the prior year, the firm posted $0.67 earnings per share. The business’s revenue was down 9.0% compared to the same quarter last year. Equities research analysts expect that AZZ will post $3.31 EPS for the current fiscal year.
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 paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, October 14th. This is an increase from AZZ’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 1.22%. AZZ’s payout ratio is 22.06%.
In related news, SVP Timothy E. Pendley sold 1,200 shares of the business’s 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Wallace P. Eisman purchased 1,000 shares of AZZ stock in a transaction that occurred on Friday, July 15th. The stock was purchased at an average price of $62.27 per share, with a total value of $62,270.00. Following the completion of the purchase, the director now directly owns 4,641 shares in the company, valued at $288,995.07. The disclosure for this purchase can be found here. 0.01% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA boosted its position in shares of AZZ by 99.8% in the second quarter. BNP Paribas Arbitrage SA now owns 8,826 shares of the company’s stock valued at $529,000 after buying an additional 4,409 shares in the last quarter. Origin Asset Management LLP boosted its position in shares of AZZ by 13.2% in the first quarter. Origin Asset Management LLP now owns 129,075 shares of the company’s stock valued at $7,306,000 after buying an additional 15,081 shares in the last quarter. Panagora Asset Management Inc. boosted its position in shares of AZZ by 1.7% in the first quarter. Panagora Asset Management Inc. now owns 132,151 shares of the company’s stock valued at $7,480,000 after buying an additional 2,205 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of AZZ during the first quarter valued at $651,000. Finally, Kennedy Capital Management Inc. boosted its position in shares of AZZ by 0.9% in the first quarter. Kennedy Capital Management Inc. now owns 72,073 shares of the company’s stock valued at $4,079,000 after buying an additional 671 shares in the last quarter. 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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