Shares of AZZ Inc. (NYSE:AZZ) dropped 11.2% during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $56.29 and last traded at $57.80, with a volume of 772,926 shares traded. The stock had previously closed at $65.11.
The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by $0.34. The firm earned $195 million during the quarter. AZZ had a net margin of 8.50% and a return on equity of 16.95%. The business’s revenue for the quarter was down 9.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.67 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Tuesday, October 18th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.04%. This is a positive change from AZZ’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, October 14th. AZZ’s dividend payout ratio (DPR) is 19.93%.
AZZ has been the topic of several analyst reports. Zacks Investment Research raised AZZ from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a report on Thursday, July 7th. DA Davidson reaffirmed a “hold” rating and set a $55.00 target price on shares of AZZ in a report on Wednesday, July 6th. Five analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and an average price target of $60.00.
In other AZZ news, SVP Timothy E. Pendley sold 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $62.02, for a total value of $74,424.00. Following the sale, the senior vice president now directly owns 30,980 shares of the company’s stock, valued at $1,921,379.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Wallace P. Eisman acquired 1,000 shares of the company’s stock in a transaction on Friday, July 15th. The stock was acquired at an average cost of $62.27 per share, for a total transaction of $62,270.00. Following the completion of the acquisition, the director now owns 4,641 shares of the company’s stock, valued at approximately $288,995.07. The disclosure for this purchase can be found here. 0.01% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA raised its stake in shares of AZZ by 99.8% in the second quarter. BNP Paribas Arbitrage SA now owns 8,826 shares of the company’s stock valued at $529,000 after buying an additional 4,409 shares during the last quarter. Origin Asset Management LLP raised its stake in shares of AZZ by 13.2% in the first quarter. Origin Asset Management LLP now owns 129,075 shares of the company’s stock valued at $7,306,000 after buying an additional 15,081 shares during the last quarter. Panagora Asset Management Inc. raised its stake in shares of AZZ by 1.7% in the first quarter. Panagora Asset Management Inc. now owns 132,151 shares of the company’s stock valued at $7,480,000 after buying an additional 2,205 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of AZZ during the first quarter valued at approximately $651,000. Finally, Kennedy Capital Management Inc. raised its stake in shares of AZZ by 0.9% in the first quarter. Kennedy Capital Management Inc. now owns 72,073 shares of the company’s stock valued at $4,079,000 after buying an additional 671 shares during the last quarter. 84.08% of the stock is currently owned by institutional investors.
The company’s 50 day moving average is $65.44 and its 200 day moving average is $60.39. The firm has a market cap of $1.50 billion, a P/E ratio of 19.27 and a beta of 1.34.
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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