AZZ (NYSE:AZZ) Hits New 12-Month High on Better-Than-Expected Earnings

Shares of AZZ Inc. (NYSE:AZZ - Get Free Report) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $113.58 and last traded at $110.03, with a volume of 296667 shares traded. The stock had previously closed at $100.73.

The industrial products company reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.19. The company had revenue of $421,962 billion during the quarter, compared to analysts' expectations of $435.91 million. AZZ had a net margin of 16.40% and a return on equity of 16.25%. The business's quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the business earned $1.46 EPS.

AZZ Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 10th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.76%. This is an increase from AZZ's previous quarterly dividend of $0.17. The ex-dividend date is Thursday, July 10th. AZZ's dividend payout ratio is currently 42.77%.

Analysts Set New Price Targets

Several analysts recently issued reports on AZZ shares. Evercore ISI upped their target price on AZZ from $90.00 to $108.00 and gave the stock an "outperform" rating in a report on Wednesday. Robert W. Baird boosted their price target on AZZ from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Friday. Finally, Sidoti cut AZZ from a "buy" rating to a "neutral" rating and set a $101.00 price objective on the stock. in a research note on Monday, June 9th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, AZZ presently has an average rating of "Moderate Buy" and an average price target of $108.00.

Insider Transactions at AZZ

In related news, CEO Thomas E. Ferguson sold 18,851 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $89.91, for a total value of $1,694,893.41. Following the transaction, the chief executive officer owned 192,607 shares in the company, valued at approximately $17,317,295.37. This represents a 8.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.77% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AZZ

A number of large investors have recently bought and sold shares of AZZ. Flagship Harbor Advisors LLC raised its holdings in AZZ by 16.6% in the 1st quarter. Flagship Harbor Advisors LLC now owns 3,316 shares of the industrial products company's stock valued at $277,000 after buying an additional 471 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in shares of AZZ by 151.9% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 20,193 shares of the industrial products company's stock valued at $1,654,000 after acquiring an additional 12,178 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of AZZ by 16,255.5% during the first quarter. GAMMA Investing LLC now owns 22,407 shares of the industrial products company's stock worth $1,873,000 after purchasing an additional 22,270 shares during the period. SG Americas Securities LLC bought a new stake in shares of AZZ in the first quarter worth $338,000. Finally, Farther Finance Advisors LLC increased its holdings in AZZ by 32.4% in the fourth quarter. Farther Finance Advisors LLC now owns 515 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 126 shares during the period. 90.93% of the stock is currently owned by institutional investors and hedge funds.

AZZ Stock Performance

The firm has a market capitalization of $3.17 billion, a P/E ratio of 12.28 and a beta of 1.24. The company has a 50-day moving average of $92.69 and a 200-day moving average of $88.89. The company has a current ratio of 1.70, a quick ratio of 1.19 and a debt-to-equity ratio of 0.82.

About AZZ

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.