AZZ (NYSE:AZZ) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of AZZ (NYSE:AZZ) from a strong-buy rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

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, TheStreet upgraded shares of AZZ from a c+ rating to a b- rating in a research report on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. AZZ presently has a consensus rating of Hold and an average target price of $50.33.

AZZ stock opened at $45.62 on Tuesday. The firm’s 50 day moving average is $45.47. AZZ has a 12-month low of $37.43 and a 12-month high of $55.31. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.01 and a current ratio of 2.86. The firm has a market cap of $1.23 billion, a P/E ratio of 23.28 and a beta of 1.43.

AZZ (NYSE:AZZ) last posted its quarterly earnings results on Monday, July 8th. The industrial products company reported $0.81 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.10. AZZ had a net margin of 5.95% and a return on equity of 9.44%. The company had revenue of $289.10 million during the quarter, compared to the consensus estimate of $277.20 million. During the same period last year, the firm earned $0.60 EPS. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. As a group, equities research analysts expect that AZZ will post 2.59 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 22nd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.49%. AZZ’s dividend payout ratio (DPR) is 34.69%.

Several institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC increased its stake in shares of AZZ by 6.2% during the 1st quarter. FMR LLC now owns 716,433 shares of the industrial products company’s stock worth $29,324,000 after purchasing an additional 41,567 shares in the last quarter. Norges Bank purchased a new position in shares of AZZ during the 4th quarter worth approximately $15,018,000. Rutabaga Capital Management LLC MA grew its stake in AZZ by 6.9% in the 1st quarter. Rutabaga Capital Management LLC MA now owns 304,215 shares of the industrial products company’s stock worth $12,452,000 after acquiring an additional 19,700 shares during the period. Geode Capital Management LLC grew its stake in AZZ by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 269,181 shares of the industrial products company’s stock worth $10,863,000 after acquiring an additional 14,955 shares during the period. Finally, Principal Financial Group Inc. grew its stake in AZZ by 0.6% in the 4th quarter. Principal Financial Group Inc. now owns 211,489 shares of the industrial products company’s stock worth $8,536,000 after acquiring an additional 1,338 shares during the period. 86.53% of the stock is owned by institutional investors and hedge funds.

About AZZ

AZZ Inc provides galvanizing and metal coating services, welding solutions, specialty electrical equipment, and highly engineered services to the power generation, transmission, distribution, refining, and industrial markets. The company operates through two segments, Energy Segment and Metal Coatings.

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