California Public Employees Retirement System decreased its stake in shares of AZZ Inc. (NYSE:AZZ) by 13.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 46,800 shares of the industrial products company’s stock after selling 7,300 shares during the period. California Public Employees Retirement System’s holdings in AZZ were worth $2,785,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the stock. Philadelphia Trust Co. boosted its stake in AZZ by 112.8% in the fourth quarter. Philadelphia Trust Co. now owns 118,343 shares of the industrial products company’s stock valued at $7,562,000 after buying an additional 62,738 shares during the period. First Trust Advisors LP boosted its stake in AZZ by 33.4% in the first quarter. First Trust Advisors LP now owns 115,195 shares of the industrial products company’s stock valued at $6,854,000 after buying an additional 28,823 shares during the period. Mason Street Advisors LLC boosted its stake in AZZ by 6.8% in the first quarter. Mason Street Advisors LLC now owns 6,069 shares of the industrial products company’s stock valued at $361,000 after buying an additional 385 shares during the period. TD Asset Management Inc. boosted its stake in AZZ by 2.1% in the first quarter. TD Asset Management Inc. now owns 24,600 shares of the industrial products company’s stock valued at $1,464,000 after buying an additional 500 shares during the period. Finally, Chatham Capital Group Inc. bought a new stake in AZZ during the first quarter valued at approximately $970,000. 86.45% of the stock is currently owned by institutional investors and hedge funds.
AZZ Inc. (NYSE AZZ) opened at 51.15 on Monday. AZZ Inc. has a 52 week low of $47.62 and a 52 week high of $67.98. The company has a market capitalization of $1.33 billion, a PE ratio of 25.18 and a beta of 1.59. The firm has a 50-day moving average of $54.28 and a 200-day moving average of $57.31.
AZZ (NYSE:AZZ) last issued its earnings results on Thursday, July 6th. The industrial products company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.70 by $0.19. The firm had revenue of $208.60 million during the quarter, compared to analyst estimates of $225.08 million. AZZ had a net margin of 6.44% and a return on equity of 10.98%. AZZ’s quarterly revenue was down 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 earnings per share. Equities analysts expect that AZZ Inc. will post $2.62 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Tuesday, July 18th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Friday, July 14th. AZZ’s payout ratio is presently 33.50%.
AZZ has been the topic of several research analyst reports. TheStreet cut shares of AZZ from a “b” rating to a “c+” rating in a research note on Friday, July 7th. Zacks Investment Research cut shares of AZZ from a “buy” rating to a “strong sell” rating in a research note on Wednesday, April 26th. Finally, Stifel Nicolaus reduced their price objective on shares of AZZ from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Friday, July 7th.
In other news, SVP Timothy E. Pendley sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $59.26, for a total value of $148,150.00. Following the completion of the transaction, the senior vice president now directly owns 31,426 shares in the company, valued at approximately $1,862,304.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Paul Wesley Fehlman bought 1,500 shares of the company’s stock in a transaction dated Tuesday, July 11th. The stock was purchased at an average price of $49.31 per share, with a total value of $73,965.00. Following the completion of the transaction, the chief financial officer now directly owns 9,287 shares in the company, valued at approximately $457,941.97. The disclosure for this purchase can be found here. Insiders sold a total of 6,725 shares of company stock valued at $391,552 over the last 90 days. Corporate insiders own 0.01% of the company’s stock.
AZZ Company Profile
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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