AZZ Inc. (NYSE:AZZ) Cut to “C+” at TheStreet
AZZ Inc. (NYSE:AZZ) was downgraded by equities research analysts at TheStreet from a “b” rating to a “c+” rating in a research report issued on Friday.
Several other analysts have also commented on the stock. Zacks Investment Research lowered shares of AZZ from a “buy” rating to a “strong sell” rating in a report on Wednesday, April 26th. Stifel Nicolaus lowered their price objective on shares of AZZ from $58.00 to $56.00 and set a “hold” rating for the company in a report on Friday.
Shares of AZZ (NYSE:AZZ) traded down 0.51% during mid-day trading on Friday, reaching $49.25. The company had a trading volume of 65,709 shares. The firm has a 50-day moving average of $55.61 and a 200-day moving average of $58.60. AZZ has a 12-month low of $48.35 and a 12-month high of $67.98. The company has a market capitalization of $1.28 billion, a P/E ratio of 24.25 and a beta of 1.59.
AZZ (NYSE:AZZ) last issued its quarterly earnings data on Thursday, July 6th. The industrial products company reported $0.51 EPS for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to analysts’ expectations of $225.08 million. During the same quarter last year, the business earned $0.81 earnings per share. The business’s quarterly revenue was down 14.1% on a year-over-year basis. On average, equities analysts anticipate that AZZ will post $2.69 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Tuesday, July 18th will be issued a $0.17 dividend. The ex-dividend date is Friday, July 14th. This represents a $0.68 annualized dividend and a yield of 1.37%. AZZ’s dividend payout ratio (DPR) is presently 33.50%.
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In other news, Director H Kirk Downey sold 4,088 shares of AZZ stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $57.56, for a total transaction of $235,305.28. Following the completion of the transaction, the director now directly owns 9,156 shares in the company, valued at $527,019.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Timothy E. Pendley sold 2,500 shares of AZZ stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $59.26, for a total transaction of $148,150.00. Following the transaction, the senior vice president now owns 31,426 shares of the company’s stock, valued at $1,862,304.76. The disclosure for this sale can be found here. Insiders sold 6,725 shares of company stock valued at $391,552 over the last 90 days. 0.01% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Ironwood Investment Management LLC raised its position in AZZ by 0.4% in the first quarter. Ironwood Investment Management LLC now owns 17,925 shares of the industrial products company’s stock valued at $1,067,000 after buying an additional 65 shares during the last quarter. State Street Corp raised its position in AZZ by 5.8% in the first quarter. State Street Corp now owns 603,142 shares of the industrial products company’s stock valued at $35,890,000 after buying an additional 33,064 shares during the last quarter. Bank of America Corp DE raised its position in AZZ by 60.2% in the first quarter. Bank of America Corp DE now owns 54,217 shares of the industrial products company’s stock valued at $3,226,000 after buying an additional 20,379 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in AZZ by 12.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 144,998 shares of the industrial products company’s stock valued at $8,628,000 after buying an additional 16,310 shares during the last quarter. Finally, BlackRock Inc. raised its position in AZZ by 138,433.7% in the first quarter. BlackRock Inc. now owns 3,100,385 shares of the industrial products company’s stock valued at $184,473,000 after buying an additional 3,098,147 shares during the last quarter. Hedge funds and other institutional investors 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.
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