Stifel Nicolaus Cuts AZZ Inc. (NYSE:AZZ) Price Target to $56.00

AZZ Inc. (NYSE:AZZ) had its price objective trimmed by Stifel Nicolaus from $58.00 to $56.00 in a research report report published on Friday, July 7th, Marketbeat reports. The brokerage currently has a hold rating on the industrial products company’s stock.

Separately, Zacks Investment Research raised AZZ from a sell rating to a hold rating in a research note on Tuesday, March 28th.

Shares of AZZ (NYSE:AZZ) traded up 1.50% during midday trading on Friday, hitting $50.75. The stock had a trading volume of 63,602 shares. The firm’s 50-day moving average price is $53.07 and its 200-day moving average price is $56.66. The firm has a market capitalization of $1.32 billion, a PE ratio of 24.99 and a beta of 1.57. AZZ has a one year low of $47.62 and a one year high of $67.98.

AZZ (NYSE:AZZ) last posted its earnings results on Thursday, July 6th. The industrial products company reported $0.51 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by $0.19. The business had revenue of $208.60 million for the quarter, compared to the consensus estimate of $225.08 million. AZZ had a return on equity of 10.98% and a net margin of 6.44%. The business’s revenue was down 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. On average, equities analysts predict that AZZ will post $2.62 EPS for the current year.

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The company also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Tuesday, July 18th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend was Friday, July 14th. AZZ’s dividend payout ratio is 33.50%.

In other news, insider Thomas E. Ferguson purchased 5,000 shares of the company’s stock in a transaction on Tuesday, July 11th. The shares were purchased at an average price of $49.59 per share, with a total value of $247,950.00. Following the purchase, the insider now directly owns 49,037 shares of the company’s stock, valued at approximately $2,431,744.83. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director H Kirk Downey sold 4,088 shares of AZZ stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $57.56, for a total value of $235,305.28. Following the completion of the sale, the director now directly owns 9,156 shares in the company, valued at approximately $527,019.36. The disclosure for this sale can be found here. Company insiders own 0.01% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in AZZ. Philadelphia Trust Co. increased 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 worth $7,562,000 after buying an additional 62,738 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in AZZ by 4.0% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 26,366 shares of the industrial products company’s stock worth $1,685,000 after buying an additional 1,026 shares in the last quarter. First Trust Advisors LP increased 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 worth $6,854,000 after buying an additional 28,823 shares in the last quarter. Mason Street Advisors LLC increased 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 worth $361,000 after buying an additional 385 shares in the last quarter. Finally, Comerica Bank increased its stake in AZZ by 5.3% in the fourth quarter. Comerica Bank now owns 27,630 shares of the industrial products company’s stock worth $1,652,000 after buying an additional 1,387 shares in the last quarter. 86.70% of the stock is currently owned by institutional investors and hedge funds.

About AZZ

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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