Zacks Investment Research upgraded shares of AZZ (NYSE:AZZ – Get Rating) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. They currently have $51.00 target price on the industrial products company’s stock.
According to Zacks, “AZZ Inc. is a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world’s infrastructure. AZZ Metal Coatings is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide. “
Separately, StockNews.com upgraded AZZ from a hold rating to a buy rating in a research note on Tuesday, April 5th.
AZZ (NYSE:AZZ – Get Rating) last released its quarterly earnings data on Friday, April 22nd. The industrial products company reported $0.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.16. The firm had revenue of $224.70 million for the quarter, compared to analyst estimates of $225.23 million. AZZ had a net margin of 8.99% and a return on equity of 12.30%. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 EPS. On average, equities research analysts anticipate that AZZ will post 3.4 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 17th. Investors of record on Tuesday, April 26th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Monday, April 25th. AZZ’s payout ratio is presently 20.24%.
A number of hedge funds have recently bought and sold shares of the business. State Board of Administration of Florida Retirement System raised its holdings in shares of AZZ by 1.5% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 15,081 shares of the industrial products company’s stock valued at $802,000 after purchasing an additional 230 shares in the last quarter. US Bancorp DE increased its position in AZZ by 46.9% during the third quarter. US Bancorp DE now owns 746 shares of the industrial products company’s stock worth $39,000 after buying an additional 238 shares during the last quarter. Voya Investment Management LLC raised its holdings in AZZ by 2.8% during the third quarter. Voya Investment Management LLC now owns 10,684 shares of the industrial products company’s stock valued at $568,000 after buying an additional 286 shares in the last quarter. Comerica Bank lifted its position in shares of AZZ by 1.5% in the first quarter. Comerica Bank now owns 22,045 shares of the industrial products company’s stock worth $1,055,000 after buying an additional 317 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in shares of AZZ by 0.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 93,016 shares of the industrial products company’s stock worth $5,143,000 after acquiring an additional 319 shares in the last quarter. 88.04% of the stock is owned by institutional investors.
About AZZ (Get Rating)
AZZ Inc provides galvanizing and metal coating solutions, welding solutions, specialty electrical equipment, and engineered services to the power generation, transmission, distribution, refining, and industrial markets in the United States and internationally. The company operates through two segments, Infrastructure Solutions and Metal Coatings.
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