Allspring Global Investments Holdings LLC Makes New $11.70 Million Investment in AZZ Inc. $AZZ

Allspring Global Investments Holdings LLC bought a new stake in AZZ Inc. (NYSE:AZZ) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 123,847 shares of the industrial products company’s stock, valued at approximately $11,701,000.

Other institutional investors also recently bought and sold shares of the company. Signaturefd LLC grew its position in AZZ by 110.0% in the 1st quarter. Signaturefd LLC now owns 399 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 209 shares in the last quarter. GAMMA Investing LLC grew its position in AZZ by 39.6% in the 2nd quarter. GAMMA Investing LLC now owns 374 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 106 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in AZZ by 1,121.3% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 977 shares of the industrial products company’s stock valued at $82,000 after acquiring an additional 897 shares in the last quarter. Russell Investments Group Ltd. grew its position in AZZ by 140.1% in the 1st quarter. Russell Investments Group Ltd. now owns 1,095 shares of the industrial products company’s stock valued at $92,000 after acquiring an additional 639 shares in the last quarter. Finally, CWM LLC grew its position in AZZ by 97.0% in the 1st quarter. CWM LLC now owns 1,389 shares of the industrial products company’s stock valued at $116,000 after acquiring an additional 684 shares in the last quarter. 90.93% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AZZ

In other AZZ news, COO Bryan Lee Stovall sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $111.60, for a total value of $558,000.00. Following the completion of the sale, the chief operating officer owned 22,709 shares in the company, valued at approximately $2,534,324.40. The trade was a 18.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kurt L. Russell sold 10,321 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $112.21, for a total value of $1,158,119.41. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,837 shares of company stock worth $4,655,418. 1.77% of the stock is owned by insiders.

AZZ Stock Performance

Shares of AZZ opened at $97.62 on Friday. The stock has a 50 day moving average price of $111.17 and a 200 day moving average price 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. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 9.39 and a beta of 1.30. AZZ Inc. has a 52-week low of $70.90 and a 52-week high of $119.95.

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

AZZ Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on AZZ shares. B. Riley lifted their target price on AZZ from $131.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, September 17th. Evercore ISI lifted their price objective on AZZ from $90.00 to $108.00 and gave the company an “outperform” rating in a research note on Wednesday, July 9th. Noble Financial reissued an “outperform” rating on shares of AZZ in a research report on Monday, July 14th. Robert W. Baird boosted their price objective on AZZ from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 15th. Finally, Zacks Research downgraded AZZ from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus 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.