Prudential Financial Inc. reduced its position in shares of AZZ Inc. (NYSE:AZZ) by 1.0% during the second quarter, Holdings Channel reports. The fund owned 98,956 shares of the company’s stock after selling 960 shares during the period. Prudential Financial Inc. owned approximately 0.38% of AZZ worth $5,935,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of AZZ. Neuberger Berman Group LLC purchased a new position in shares of AZZ during the second quarter worth approximately $15,038,000. Goldman Sachs Group Inc. raised its position in shares of AZZ by 111.5% in the first quarter. Goldman Sachs Group Inc. now owns 156,409 shares of the company’s stock worth $8,853,000 after buying an additional 82,461 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of AZZ during the second quarter worth approximately $3,762,000. Capital Fund Management S.A. raised its position in shares of AZZ by 480.5% in the second quarter. Capital Fund Management S.A. now owns 23,800 shares of the company’s stock worth $1,428,000 after buying an additional 19,700 shares during the last quarter. Finally, AXA raised its position in shares of AZZ by 35.4% in the first quarter. AXA now owns 62,400 shares of the company’s stock worth $3,532,000 after buying an additional 16,300 shares during the last quarter. Institutional investors and hedge funds own 84.08% of the company’s stock.
AZZ Inc. (NYSE:AZZ) opened at 54.49 on Wednesday. AZZ Inc. has a 1-year low of $47.04 and a 1-year high of $67.98. The firm’s 50-day moving average price is $63.96 and its 200 day moving average price is $60.35. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 20.11 and a beta of 1.34.
AZZ (NYSE:AZZ) last posted its quarterly earnings results on Wednesday, October 5th. The company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by $0.17. AZZ had a return on equity of 15.84% and a net margin of 7.88%. The business had revenue of $195 million for the quarter, compared to analyst estimates of $225.43 million. During the same period last year, the firm posted $0.67 EPS. AZZ’s quarterly revenue was down 9.0% on a year-over-year basis. On average, analysts predict that AZZ Inc. will post $3.31 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Tuesday, October 18th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, October 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.25%. This is a boost from AZZ’s previous quarterly dividend of $0.15. AZZ’s payout ratio is 22.06%.
AZZ has been the subject of a number of recent research reports. Zacks Investment Research upgraded AZZ from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a research note on Thursday, July 7th. DA Davidson reiterated a “hold” rating and set a $55.00 price objective on shares of AZZ in a research note on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. AZZ has a consensus rating of “Hold” and a consensus price target of $60.00.
In other AZZ news, insider Thomas E. Ferguson purchased 7,500 shares of the stock in a transaction dated Monday, October 10th. The stock was bought at an average price of $55.24 per share, with a total value of $414,300.00. Following the acquisition, the insider now owns 29,276 shares of the company’s stock, valued at $1,617,206.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Timothy E. Pendley sold 1,200 shares of the business’s stock in a transaction 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 transaction, the senior vice president now directly owns 30,980 shares of the company’s stock, valued at approximately $1,921,379.60. The disclosure for this sale can be found here. Insiders own 0.01% of the company’s stock.
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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