Russell Investments Group Ltd. cut its holdings in shares of A. O. Smith Corp (NYSE:AOS) by 56.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 44,064 shares of the industrial products company’s stock after selling 56,125 shares during the period. Russell Investments Group Ltd.’s holdings in A. O. Smith were worth $2,071,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Dupont Capital Management Corp lifted its holdings in A. O. Smith by 13.4% during the second quarter. Dupont Capital Management Corp now owns 473,388 shares of the industrial products company’s stock worth $22,325,000 after acquiring an additional 56,085 shares in the last quarter. DNB Asset Management AS raised its stake in shares of A. O. Smith by 3.6% in the 2nd quarter. DNB Asset Management AS now owns 28,768 shares of the industrial products company’s stock valued at $1,357,000 after purchasing an additional 995 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of A. O. Smith by 431.5% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 127,550 shares of the industrial products company’s stock valued at $6,801,000 after purchasing an additional 103,550 shares during the period. National Asset Management Inc. acquired a new stake in shares of A. O. Smith in the 1st quarter valued at about $388,000. Finally, FIL Ltd raised its stake in shares of A. O. Smith by 55.9% in the 1st quarter. FIL Ltd now owns 18,708 shares of the industrial products company’s stock valued at $998,000 after purchasing an additional 6,708 shares during the period. Hedge funds and other institutional investors own 76.21% of the company’s stock.
In related news, Chairman Ajita G. Rajendra sold 16,556 shares of A. O. Smith stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $49.47, for a total transaction of $819,025.32. Following the completion of the transaction, the chairman now owns 78,163 shares in the company, valued at $3,866,723.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Helen E. Gurholt sold 1,263 shares of A. O. Smith stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $45.82, for a total value of $57,870.66. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.
Several analysts have issued reports on AOS shares. DA Davidson dropped their price target on A. O. Smith to $58.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. ValuEngine raised A. O. Smith from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. TheStreet raised A. O. Smith from a “c+” rating to a “b-” rating in a research report on Tuesday, September 10th. Zacks Investment Research downgraded A. O. Smith from a “hold” rating to a “sell” rating and set a $48.00 target price on the stock. in a research report on Wednesday, June 26th. Finally, Jefferies Financial Group started coverage on A. O. Smith in a research report on Wednesday, July 10th. They issued a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. A. O. Smith has a consensus rating of “Hold” and an average price target of $54.25.
Shares of NYSE:AOS traded down $0.09 during midday trading on Thursday, reaching $48.71. The company had a trading volume of 16,592 shares, compared to its average volume of 1,217,380. The company has a quick ratio of 1.74, a current ratio of 2.19 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average price is $46.40 and its 200 day moving average price is $48.24. The stock has a market cap of $8.01 billion, a PE ratio of 18.68, a P/E/G ratio of 2.35 and a beta of 1.53. A. O. Smith Corp has a 1-year low of $40.34 and a 1-year high of $61.08.
A. O. Smith (NYSE:AOS) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.03). A. O. Smith had a return on equity of 24.31% and a net margin of 13.71%. The business had revenue of $765.40 million for the quarter, compared to the consensus estimate of $812.29 million. During the same quarter in the previous year, the business posted $0.61 EPS. The company’s revenue for the quarter was down 8.1% on a year-over-year basis. On average, research analysts expect that A. O. Smith Corp will post 2.38 earnings per share for the current fiscal year.
A. O. Smith announced that its Board of Directors has initiated a share repurchase program on Monday, June 3rd that permits the company to buyback $300.00 million in shares. This buyback authorization permits the industrial products company to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
A. O. Smith Profile
A. O. Smith Corporation manufactures and markets residential and commercial gas and electric water heaters, boilers, tanks, and water treatment products in North America, China, Europe, and India. It operates through two segments, North America and Rest of World. The company offers water heaters for residences, restaurants, hotels and motels, office buildings, laundries, car washes, and small businesses; residential and commercial boilers for space heating applications in hospitals, schools, hotels, and other commercial buildings; and water treatment products, including on-the-go filtration bottles, point-of-use carbon and reverse osmosis products, point-of-entry water softeners, and whole-home water filtration products for residences, restaurants, hotels, and offices.
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