Zacks Investment Research Downgrades AZZ Inc. (AZZ) to Sell
AZZ Inc. (NYSE:AZZ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
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, Stifel Nicolaus lowered their price target on shares of AZZ from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Friday.
AZZ (AZZ) traded up 2.27% during trading on Monday, reaching $49.50. 242,765 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $55.61 and its 200-day moving average price is $58.60. AZZ has a one year low of $47.62 and a one year high of $67.98. The stock has a market cap of $1.29 billion, a P/E ratio of 24.37 and a beta of 1.59.
AZZ (NYSE:AZZ) last posted its quarterly earnings results on Thursday, July 6th. The industrial products company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.70 by $0.19. AZZ had a return on equity of 10.98% and a net margin of 6.44%. The company had revenue of $208.60 million for the quarter, compared to analyst estimates of $225.08 million. During the same period last year, the company earned $0.81 earnings per share. The business’s revenue for the quarter was down 14.1% compared to the same quarter last year. On average, equities analysts anticipate that AZZ will post $2.69 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Tuesday, July 18th will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, July 14th. This represents a $0.68 annualized dividend and a dividend yield of 1.37%. AZZ’s dividend payout ratio is presently 33.50%.
In related news, SVP Timothy E. Pendley sold 2,500 shares of the business’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $59.26, for a total value of $148,150.00. Following the sale, the senior vice president now directly owns 31,426 shares in the company, valued at approximately $1,862,304.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director H Kirk Downey sold 4,088 shares of the business’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $57.56, for a total transaction of $235,305.28. Following the completion of the sale, the director now owns 9,156 shares in the company, valued at $527,019.36. The disclosure for this sale can be found here. Insiders sold a total of 6,725 shares of company stock worth $391,552 over the last quarter. Insiders own 0.01% of the company’s stock.
Several large investors have recently added to or reduced their stakes in AZZ. Glen Harbor Capital Management LLC raised its stake 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 valued at $109,000 after buying an additional 170 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in AZZ during the first quarter valued at approximately $133,000. Quantbot Technologies LP raised its stake in 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 in the last quarter. Bank of Montreal Can raised its stake in 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 in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in 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 in the last quarter. Institutional investors and hedge funds own 86.13% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for AZZ Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AZZ Inc. and related companies with MarketBeat.com's FREE daily email newsletter.