Renaissance Technologies LLC boosted its stake in AZZ Inc (NYSE:AZZ) by 70.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 92,503 shares of the industrial products company’s stock after purchasing an additional 38,303 shares during the quarter. Renaissance Technologies LLC’s holdings in AZZ were worth $4,019,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of AZZ. Russell Investments Group Ltd. raised its holdings in AZZ by 636.6% during the first quarter. Russell Investments Group Ltd. now owns 154,902 shares of the industrial products company’s stock worth $6,769,000 after purchasing an additional 133,872 shares in the last quarter. Xact Kapitalforvaltning AB increased its holdings in AZZ by 27.7% in the first quarter. Xact Kapitalforvaltning AB now owns 5,537 shares of the industrial products company’s stock valued at $242,000 after buying an additional 1,200 shares in the last quarter. Deprince Race & Zollo Inc. increased its holdings in AZZ by 37.9% in the second quarter. Deprince Race & Zollo Inc. now owns 971,176 shares of the industrial products company’s stock valued at $42,198,000 after buying an additional 267,161 shares in the last quarter. Sheets Smith Wealth Management increased its holdings in AZZ by 46.5% in the second quarter. Sheets Smith Wealth Management now owns 10,625 shares of the industrial products company’s stock valued at $462,000 after buying an additional 3,373 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in AZZ by 21.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 475,313 shares of the industrial products company’s stock valued at $20,653,000 after buying an additional 83,359 shares in the last quarter. 92.60% of the stock is owned by institutional investors and hedge funds.
In other news, insider Matthew Varley Emery sold 844 shares of the firm’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $54.05, for a total transaction of $45,618.20. Following the completion of the transaction, the insider now directly owns 7,523 shares of the company’s stock, valued at approximately $406,618.15. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.01% of the company’s stock.
A number of brokerages have issued reports on AZZ. Zacks Investment Research raised shares of AZZ from a “strong sell” rating to a “strong-buy” rating and set a $62.00 target price for the company in a report on Tuesday, July 17th. TheStreet raised shares of AZZ from a “c+” rating to a “b-” rating in a report on Thursday, July 26th. Finally, ValuEngine raised shares of AZZ from a “hold” rating to a “buy” rating in a report on Friday, July 6th.
Shares of AZZ opened at $45.44 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.14 and a quick ratio of 2.13. AZZ Inc has a 1-year low of $39.50 and a 1-year high of $56.05. The company has a market cap of $1.21 billion, a PE ratio of 39.68 and a beta of 1.40.
AZZ (NYSE:AZZ) last issued its quarterly earnings data on Tuesday, October 9th. The industrial products company reported $0.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.04). AZZ had a return on equity of 5.43% and a net margin of 5.63%. The business had revenue of $222.80 million for the quarter, compared to analysts’ expectations of $224.50 million. During the same period last year, the business earned $0.32 earnings per share. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. As a group, sell-side analysts expect that AZZ Inc will post 2.2 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 30th. Stockholders of record on Tuesday, October 16th will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, October 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.50%. AZZ’s dividend payout ratio (DPR) is 50.37%.
AZZ Company Profile
AZZ Inc provides galvanizing and metal coating services, welding solutions, specialty electrical equipment, and highly engineered services to the power generation, transmission, distribution, refining, and industrial markets. The company operates through two segments, Energy Segment and Metal Coatings.
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