Ballast Asset Management LP Decreases Holdings in AZZ Inc. $AZZ

Ballast Asset Management LP lowered its holdings in AZZ Inc. (NYSE:AZZ) by 16.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 56,078 shares of the industrial products company’s stock after selling 11,095 shares during the period. AZZ makes up 2.8% of Ballast Asset Management LP’s investment portfolio, making the stock its 8th largest position. Ballast Asset Management LP’s holdings in AZZ were worth $5,298,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of AZZ. Huntington National Bank increased its position in shares of AZZ by 206.7% in the second quarter. Huntington National Bank now owns 273 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 184 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in AZZ during the second quarter valued at approximately $34,000. GAMMA Investing LLC grew its stake in AZZ by 39.6% in the 2nd quarter. GAMMA Investing LLC now owns 374 shares of the industrial products company’s stock worth $35,000 after buying an additional 106 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of AZZ by 1,121.3% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 977 shares of the industrial products company’s stock worth $82,000 after buying an additional 897 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of AZZ by 140.1% during the 1st quarter. Russell Investments Group Ltd. now owns 1,095 shares of the industrial products company’s stock valued at $92,000 after buying an additional 639 shares in the last quarter. Hedge funds and other institutional investors own 90.93% of the company’s stock.

Analyst Upgrades and Downgrades

AZZ has been the subject of a number of research analyst reports. Zacks Research downgraded shares of AZZ from a “strong-buy” rating to a “hold” rating in a report on Monday, August 18th. Weiss Ratings reiterated a “buy (b+)” rating on shares of AZZ in a report on Wednesday, November 19th. Wall Street Zen cut AZZ from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. Wells Fargo & Company dropped their target price on AZZ from $128.00 to $121.00 and set an “overweight” rating for the company in a research report on Friday, October 10th. Finally, B. Riley upped their target price on AZZ from $131.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $115.43.

AZZ Trading Down 0.2%

NYSE:AZZ opened at $105.46 on Monday. The firm has a market capitalization of $3.17 billion, a P/E ratio of 10.14 and a beta of 1.29. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 0.44. The company has a fifty day moving average of $102.94 and a 200 day moving average of $103.50. AZZ Inc. has a 52 week low of $70.90 and a 52 week high of $119.95.

AZZ (NYSE:AZZ) last released its quarterly earnings data on Tuesday, May 9th. The industrial products company reported $0.56 earnings per share (EPS) for the quarter. The firm had revenue of $129.87 million for the quarter. AZZ had a net margin of 19.69% and a return on equity of 15.01%. On average, research analysts predict that AZZ Inc. will post 5.13 earnings per share for the current year.

AZZ Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 6th. Shareholders of record on Thursday, October 16th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, October 16th. This represents a $0.80 dividend on an annualized basis and a yield of 0.8%. AZZ’s dividend payout ratio is presently 7.69%.

About AZZ

AZZ Inc provides hot-dip galvanizing and coil coating solutions in North America. It offers metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating to steel fabrication and other industries, as well as to fabricators or manufacturers that provide services to the transmission and distribution, bridge and highway, petrochemical, and general industrial markets; and original equipment manufacturers.