Edgestream Partners L.P. Takes $1.78 Million Position in AZZ Inc. $AZZ

Edgestream Partners L.P. acquired a new stake in AZZ Inc. (NYSE:AZZ) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 18,822 shares of the industrial products company’s stock, valued at approximately $1,778,000. Edgestream Partners L.P. owned approximately 0.06% of AZZ as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in shares of AZZ by 39.6% in the second quarter. GAMMA Investing LLC now owns 374 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 106 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of AZZ by 2.8% in the first quarter. Hsbc Holdings PLC now owns 4,220 shares of the industrial products company’s stock valued at $353,000 after acquiring an additional 113 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in AZZ by 3.9% in the second quarter. Teacher Retirement System of Texas now owns 4,311 shares of the industrial products company’s stock valued at $407,000 after purchasing an additional 161 shares during the period. Oliver Luxxe Assets LLC grew its stake in AZZ by 1.0% during the 1st quarter. Oliver Luxxe Assets LLC now owns 17,528 shares of the industrial products company’s stock worth $1,466,000 after purchasing an additional 176 shares in the last quarter. Finally, Huntington National Bank increased its holdings in AZZ by 206.7% during the 2nd quarter. Huntington National Bank now owns 273 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 184 shares during the period. 90.93% of the stock is currently owned by institutional investors and hedge funds.

AZZ Stock Performance

Shares of AZZ opened at $105.04 on Friday. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of 10.10 and a beta of 1.13. AZZ Inc. has a 52-week low of $70.90 and a 52-week high of $119.95. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 0.44. The stock has a 50 day moving average price of $102.26 and a 200 day moving average price of $103.79.

AZZ (NYSE:AZZ) last issued its quarterly earnings data on Tuesday, May 9th. The industrial products company reported $0.56 earnings per share for the quarter. The business had revenue of $129.87 million during the quarter. AZZ had a net margin of 19.69% and a return on equity of 15.01%. Research analysts predict that AZZ Inc. will post 5.13 EPS for the current fiscal year.

AZZ Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 6th. Shareholders of record on Thursday, October 16th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.8%. The ex-dividend date was Thursday, October 16th. AZZ’s dividend payout ratio is currently 7.69%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AZZ. Zacks Research cut AZZ from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 18th. Wall Street Zen cut shares of AZZ from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of AZZ in a research note on Monday. B. Riley increased their price objective on shares of AZZ from $131.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, September 17th. Finally, Robert W. Baird raised their price objective on shares of AZZ from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $116.33.

AZZ Company Profile

AZZ Inc provides hot-dip galvanizing and coil coating solutions in North America. It offers metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating to steel fabrication and other industries, as well as to fabricators or manufacturers that provide services to the transmission and distribution, bridge and highway, petrochemical, and general industrial markets; and original equipment manufacturers.