Jennison Associates LLC Takes Position in AZZ Inc. (NYSE:AZZ)

Jennison Associates LLC acquired a new stake in shares of AZZ Inc. (NYSE:AZZ) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 25,033 shares of the industrial products company’s stock, valued at approximately $1,332,000. Jennison Associates LLC owned about 0.10% of AZZ at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Invesco Ltd. raised its stake in AZZ by 175.4% in the second quarter. Invesco Ltd. now owns 254,114 shares of the industrial products company’s stock worth $13,159,000 after buying an additional 161,854 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in AZZ by 75.3% in the second quarter. JPMorgan Chase & Co. now owns 262,624 shares of the industrial products company’s stock worth $13,599,000 after purchasing an additional 112,779 shares during the period. Morgan Stanley grew its holdings in AZZ by 109.1% in the second quarter. Morgan Stanley now owns 147,147 shares of the industrial products company’s stock worth $7,620,000 after purchasing an additional 76,759 shares during the period. Segall Bryant & Hamill LLC grew its holdings in AZZ by 9.0% in the third quarter. Segall Bryant & Hamill LLC now owns 830,370 shares of the industrial products company’s stock worth $44,179,000 after purchasing an additional 68,454 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in AZZ by 161.3% in the second quarter. Wells Fargo & Company MN now owns 77,281 shares of the industrial products company’s stock worth $4,001,000 after purchasing an additional 47,708 shares during the period. 86.62% of the stock is owned by hedge funds and other institutional investors.

NYSE:AZZ opened at $51.38 on Friday. The company’s 50 day moving average price is $54.38 and its 200-day moving average price is $53.45. AZZ Inc. has a 52 week low of $46.55 and a 52 week high of $58.59. The company has a quick ratio of 1.89, a current ratio of 2.95 and a debt-to-equity ratio of 0.30. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 16.47 and a beta of 1.38.

AZZ (NYSE:AZZ) last posted its quarterly earnings results on Monday, January 10th. The industrial products company reported $0.85 EPS for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.03. AZZ had a net margin of 8.99% and a return on equity of 12.30%. The firm had revenue of $231.70 million for the quarter, compared to analysts’ expectations of $245.30 million. During the same quarter in the prior year, the company posted $0.80 earnings per share. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, sell-side analysts anticipate that AZZ Inc. will post 3.17 earnings per share for the current year.

Separately, Zacks Investment Research upgraded shares of AZZ from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Wednesday.

AZZ Company Profile

AZZ Inc engages in the provision of galvanizing and metal coating solutions, welding solutions, specialty electrical equipment, and highly engineered services to the power generation, transmission, distribution, refining, and industrial markets. It operates through the Metal Coatings and Infrastructure Solutions segments.

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Institutional Ownership by Quarter for AZZ (NYSE:AZZ)

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