Allspring Global Investments Holdings LLC Takes $11.70 Million Position in AZZ Inc. $AZZ

Allspring Global Investments Holdings LLC bought a new stake in shares of AZZ Inc. (NYSE:AZZ) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 123,847 shares of the industrial products company’s stock, valued at approximately $11,701,000. Allspring Global Investments Holdings LLC owned approximately 0.41% of AZZ at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Westwood Holdings Group Inc. lifted its position in shares of AZZ by 19.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 650,072 shares of the industrial products company’s stock valued at $54,353,000 after buying an additional 105,723 shares in the last quarter. Principal Financial Group Inc. raised its stake in AZZ by 2.3% in the 1st quarter. Principal Financial Group Inc. now owns 168,694 shares of the industrial products company’s stock valued at $14,105,000 after purchasing an additional 3,854 shares during the last quarter. Nuveen LLC purchased a new position in AZZ in the 1st quarter valued at $8,772,000. Public Sector Pension Investment Board lifted its holdings in AZZ by 27.4% in the 1st quarter. Public Sector Pension Investment Board now owns 94,790 shares of the industrial products company’s stock valued at $7,925,000 after purchasing an additional 20,359 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in AZZ by 21.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,076 shares of the industrial products company’s stock valued at $7,030,000 after purchasing an additional 14,965 shares in the last quarter. Hedge funds and other institutional investors own 90.93% of the company’s stock.

AZZ Stock Down 1.6%

Shares of AZZ opened at $97.62 on Friday. AZZ Inc. has a 52-week low of $70.90 and a 52-week high of $119.95. The company has a market capitalization of $2.93 billion, a PE ratio of 9.39 and a beta of 1.30. The stock has a fifty day simple moving average of $111.17 and a two-hundred day simple moving average of $99.81. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 0.44.

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

AZZ Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Stockholders of record on Thursday, October 16th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, October 16th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.8%. AZZ’s dividend payout ratio is currently 7.69%.

Insider Transactions at AZZ

In other news, CEO Thomas E. Ferguson sold 26,516 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $110.85, for a total transaction of $2,939,298.60. Following the completion of the transaction, the chief executive officer directly owned 183,182 shares in the company, valued at approximately $20,305,724.70. This represents a 12.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kurt L. Russell sold 10,321 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $112.21, for a total value of $1,158,119.41. Following the transaction, the insider owned 16,804 shares of the company’s stock, valued at approximately $1,885,576.84. This represents a 38.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,837 shares of company stock worth $4,655,418. 1.77% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Zacks Research lowered AZZ from a “strong-buy” rating to a “hold” rating in a report on Monday, August 18th. Weiss Ratings restated a “buy (a-)” rating on shares of AZZ in a report on Wednesday, October 8th. B. Riley raised their price objective on AZZ from $131.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, September 17th. Wall Street Zen lowered AZZ from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. Finally, Evercore ISI raised their price objective on AZZ from $90.00 to $108.00 and gave the company an “outperform” rating in a report on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $115.43.

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.