Zacks Investment Research Downgrades AZZ Inc. (AZZ) to Strong Sell
AZZ Inc. (NYSE:AZZ) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors 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 price objective on shares of AZZ in a research report on Wednesday, July 6th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $60.00.
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Shares of AZZ (NYSE:AZZ) traded down 4.27% during trading on Friday, hitting $55.82. The stock had a trading volume of 438,372 shares. The company has a market cap of $1.45 billion, a PE ratio of 18.61 and a beta of 1.34. The stock has a 50 day moving average of $64.96 and a 200 day moving average of $60.35. AZZ has a 12 month low of $47.04 and a 12 month high of $67.98.
AZZ (NYSE:AZZ) last announced its quarterly earnings data 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 net margin of 7.88% and a return on equity of 15.84%. The business earned $195 million during the quarter, compared to analysts’ expectations of $225.43 million. During the same quarter in the previous year, the firm earned $0.67 earnings per share. AZZ’s revenue was down 9.0% on a year-over-year basis. Equities analysts forecast that AZZ will post $3.31 EPS for the current fiscal year.
The company also recently announced 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 is an increase from AZZ’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend is Friday, October 14th. AZZ’s payout ratio is currently 22.06%.
In other news, Director Wallace P. Eisman bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 15th. The shares were bought at an average cost of $62.27 per share, for a total transaction of $62,270.00. Following the completion of the transaction, the director now owns 4,641 shares of the company’s stock, valued at $288,995.07. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 sale, the senior vice president now owns 30,980 shares in the company, valued at $1,921,379.60. The disclosure for this sale can be found here. 0.01% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Advisors Asset Management Inc. increased its stake in AZZ by 12.7% in the second quarter. Advisors Asset Management Inc. now owns 1,737 shares of the company’s stock worth $104,000 after buying an additional 196 shares in the last quarter. BlackRock Inc. increased its stake in AZZ by 131.3% in the first quarter. BlackRock Inc. now owns 1,876 shares of the company’s stock worth $106,000 after buying an additional 1,065 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in AZZ during the second quarter worth approximately $181,000. PineBridge Investments L.P. increased its stake in AZZ by 4.1% in the second quarter. PineBridge Investments L.P. now owns 3,288 shares of the company’s stock worth $197,000 after buying an additional 131 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in AZZ by 35.0% in the second quarter. Cubist Systematic Strategies LLC now owns 3,434 shares of the company’s stock worth $206,000 after buying an additional 890 shares in the last quarter. 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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