AZZ Inc. (NYSE:AZZ) Sees Significant Drop in Short Interest

AZZ Inc. (NYSE:AZZ) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 708,200 shares, a decrease of 13.2% from the July 15th total of 816,200 shares. Based on an average daily trading volume, of 268,400 shares, the days-to-cover ratio is presently 2.6 days.

AZZ Stock Performance

Shares of NYSE AZZ traded up $2.01 during mid-day trading on Monday, reaching $81.01. 120,475 shares of the company’s stock were exchanged, compared to its average volume of 255,155. AZZ has a 52 week low of $43.48 and a 52 week high of $88.67. The firm has a 50-day moving average price of $78.55 and a two-hundred day moving average price of $76.65. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 75.71, a price-to-earnings-growth ratio of 1.12 and a beta of 1.25. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.89 and a quick ratio of 1.28.

AZZ (NYSE:AZZ) last issued its quarterly earnings data on Wednesday, July 10th. The industrial products company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.30 by $0.16. The company had revenue of $413.21 million during the quarter, compared to analyst estimates of $403.25 million. AZZ had a return on equity of 17.08% and a net margin of 7.22%. AZZ’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.14 earnings per share. Analysts predict that AZZ will post 4.93 EPS for the current year.

AZZ Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Wednesday, July 10th were issued a dividend of $0.17 per share. The ex-dividend date was Wednesday, July 10th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.84%. AZZ’s dividend payout ratio is presently 63.55%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Robert W. Baird started coverage on shares of AZZ in a research note on Tuesday, July 23rd. They issued a “neutral” rating and a $90.00 price target on the stock. StockNews.com cut shares of AZZ from a “buy” rating to a “hold” rating in a research report on Tuesday, May 21st. B. Riley boosted their target price on shares of AZZ from $89.00 to $99.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Jefferies Financial Group began coverage on shares of AZZ in a research report on Monday, May 20th. They set a “buy” rating and a $105.00 price objective for the company. Finally, Wolfe Research began coverage on shares of AZZ in a research report on Wednesday, July 31st. They set a “peer perform” rating for the company. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, AZZ presently has an average rating of “Moderate Buy” and a consensus target price of $95.80.

Insider Buying and Selling at AZZ

In other news, insider Tara D. Mackey sold 331 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $83.50, for a total transaction of $27,638.50. Following the transaction, the insider now owns 34,229 shares in the company, valued at approximately $2,858,121.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, COO Bryan Lee Stovall sold 14,545 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $84.79, for a total transaction of $1,233,270.55. Following the completion of the sale, the chief operating officer now owns 20,000 shares in the company, valued at approximately $1,695,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tara D. Mackey sold 331 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $83.50, for a total transaction of $27,638.50. Following the completion of the sale, the insider now owns 34,229 shares of the company’s stock, valued at approximately $2,858,121.50. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 1,511 shares of company stock worth $52,794. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AZZ

A number of institutional investors have recently added to or reduced their stakes in AZZ. Mutual of America Capital Management LLC purchased a new stake in shares of AZZ during the fourth quarter valued at $255,000. Louisiana State Employees Retirement System purchased a new stake in shares of AZZ during the fourth quarter valued at $726,000. Strs Ohio purchased a new stake in shares of AZZ during the fourth quarter valued at $197,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of AZZ by 8.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,206 shares of the industrial products company’s stock valued at $302,000 after buying an additional 417 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its position in shares of AZZ by 26.6% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 6,782 shares of the industrial products company’s stock valued at $394,000 after buying an additional 1,425 shares during the last quarter. Institutional investors own 90.93% of the company’s stock.

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.