AZZ (AZZ) Downgraded by Zacks Investment Research

AZZ (NYSE:AZZ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

According to Zacks, “AZZ Inc. is a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world’s infrastructure. AZZ Metal Coatings is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide. “

AZZ (NYSE AZZ) traded up $0.75 during mid-day trading on Wednesday, reaching $42.95. 60,542 shares of the company’s stock were exchanged, compared to its average volume of 170,101. The company has a quick ratio of 1.43, a current ratio of 2.57 and a debt-to-equity ratio of 0.53. AZZ has a 52 week low of $40.90 and a 52 week high of $61.55. The stock has a market capitalization of $1,109.85, a price-to-earnings ratio of 21.80 and a beta of 1.32.

Several hedge funds and other institutional investors have recently bought and sold shares of AZZ. Wells Fargo & Company MN increased its holdings in AZZ by 1.0% in the second quarter. Wells Fargo & Company MN now owns 19,626 shares of the industrial products company’s stock worth $1,095,000 after buying an additional 197 shares during the last quarter. Voya Investment Management LLC increased its holdings in AZZ by 7.9% in the second quarter. Voya Investment Management LLC now owns 12,423 shares of the industrial products company’s stock worth $693,000 after buying an additional 907 shares during the last quarter. California Public Employees Retirement System increased its holdings in AZZ by 2.1% in the second quarter. California Public Employees Retirement System now owns 47,800 shares of the industrial products company’s stock worth $2,667,000 after buying an additional 1,000 shares during the last quarter. New York State Common Retirement Fund increased its holdings in AZZ by 4.0% in the second quarter. New York State Common Retirement Fund now owns 28,700 shares of the industrial products company’s stock worth $1,601,000 after buying an additional 1,099 shares during the last quarter. Finally, American International Group Inc. increased its holdings in AZZ by 5.7% in the third quarter. American International Group Inc. now owns 20,570 shares of the industrial products company’s stock worth $1,002,000 after buying an additional 1,113 shares during the last quarter. 87.29% of the stock is owned by institutional investors and hedge funds.

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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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