Zacks Investment Research Upgrades AZZ Inc. (AZZ) to “Hold”
AZZ Inc. (NYSE:AZZ) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday.
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. “
Shares of AZZ (NYSE:AZZ) traded down 1.89% during trading on Wednesday, hitting $54.55. The stock had a trading volume of 56,492 shares. AZZ has a 12 month low of $51.20 and a 12 month high of $67.98. The stock has a 50 day moving average of $56.15 and a 200 day moving average of $59.02. The company has a market cap of $1.42 billion, a PE ratio of 23.41 and a beta of 1.65.
AZZ (NYSE:AZZ) last issued its quarterly earnings data on Thursday, April 20th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by $0.17. AZZ had a net margin of 7.09% and a return on equity of 12.68%. The company had revenue of $193.80 million for the quarter, compared to analysts’ expectations of $215.86 million. During the same quarter last year, the company earned $0.62 earnings per share. The company’s revenue for the quarter was down 10.9% on a year-over-year basis. Equities analysts forecast that AZZ will post $2.79 EPS for the current fiscal year.
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In other news, Director H Kirk Downey sold 4,088 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $57.56, for a total transaction of $235,305.28. Following the transaction, the director now owns 9,156 shares of the company’s stock, valued at $527,019.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Timothy E. Pendley sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $59.26, for a total value of $148,150.00. Following the transaction, the senior vice president now directly owns 31,426 shares in the company, valued at approximately $1,862,304.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,725 shares of company stock worth $391,552. Company insiders own 0.01% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in AZZ. Glen Harbor Capital Management LLC boosted its position in AZZ by 10.2% in the first quarter. Glen Harbor Capital Management LLC now owns 1,836 shares of the industrial products company’s stock worth $109,000 after buying an additional 170 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of AZZ during the first quarter valued at about $133,000. Quantbot Technologies LP boosted its position in shares of AZZ by 364.0% in the first quarter. Quantbot Technologies LP now owns 2,255 shares of the industrial products company’s stock valued at $134,000 after buying an additional 1,769 shares during the period. Bank of Montreal Can boosted its position in shares of AZZ by 6.9% in the first quarter. Bank of Montreal Can now owns 2,613 shares of the industrial products company’s stock valued at $155,000 after buying an additional 168 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in shares of AZZ by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 2,860 shares of the industrial products company’s stock valued at $170,000 after buying an additional 50 shares during the period. 86.36% of the stock is currently owned by hedge funds and other institutional investors.
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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