Allspring Global Investments Holdings LLC Reduces Position in AZZ Inc. $AZZ

Key Points

• Allspring Global Investments cut its AZZ stake by 15.3% in the first quarter, selling 35,546 shares and ending with 196,964 shares valued at about $24.9 million.
• AZZ reported better-than-expected quarterly results, with EPS of $1.85 versus estimates of $1.80 and revenue of $448.53 million, up 6.3% from a year ago.
• The company also raised its quarterly dividend to $0.24 per share from $0.20, while analysts currently rate the stock a “Moderate Buy” with a consensus price target of $155.25.

Allspring Global Investments Holdings LLC trimmed its stake in AZZ Inc. (NYSE:AZZ - Free Report) by 15.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 196,964 shares of the industrial products company's stock after selling 35,546 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.66% of AZZ worth $24,867,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Illinois Municipal Retirement Fund raised its position in shares of AZZ by 4.9% in the first quarter. Illinois Municipal Retirement Fund now owns 16,510 shares of the industrial products company's stock valued at $2,066,000 after buying an additional 773 shares during the last quarter. Fifth Third Bancorp boosted its position in AZZ by 3,308.6% during the first quarter. Fifth Third Bancorp now owns 13,021 shares of the industrial products company's stock worth $1,629,000 after acquiring an additional 12,639 shares during the last quarter. Hsbc Holdings PLC boosted its position in AZZ by 3.2% during the first quarter. Hsbc Holdings PLC now owns 9,478 shares of the industrial products company's stock worth $1,189,000 after acquiring an additional 294 shares during the last quarter. Personal CFO Solutions LLC purchased a new stake in AZZ in the 1st quarter worth approximately $209,000. Finally, QRG Capital Management Inc. grew its stake in AZZ by 41.1% in the 1st quarter. QRG Capital Management Inc. now owns 3,600 shares of the industrial products company's stock worth $450,000 after acquiring an additional 1,049 shares during the period. Hedge funds and other institutional investors own 90.93% of the company's stock.

AZZ Stock Down 0.1%

Shares of NYSE AZZ opened at $147.13 on Tuesday. The stock has a market capitalization of $4.42 billion, a PE ratio of 22.43 and a beta of 1.11. The company has a quick ratio of 1.39, a current ratio of 1.92 and a debt-to-equity ratio of 0.35. The firm has a fifty day moving average of $146.05 and a 200-day moving average of $135.23. AZZ Inc. has a 52-week low of $92.98 and a 52-week high of $162.20.

AZZ (NYSE:AZZ - Get Free Report) last issued its earnings results on Wednesday, July 8th. The industrial products company reported $1.85 earnings per share for the quarter, beating analysts' consensus estimates of $1.80 by $0.05. AZZ had a return on equity of 14.18% and a net margin of 11.83%.The firm had revenue of $448.53 million for the quarter, compared to analysts' expectations of $434.58 million. During the same quarter last year, the firm earned $1.78 earnings per share. The firm's revenue for the quarter was up 6.3% compared to the same quarter last year. AZZ has set its FY 2027 guidance at 6.750-7.150 EPS. On average, analysts anticipate that AZZ Inc. will post 6.94 EPS for the current year.

AZZ Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 30th. Shareholders of record on Thursday, July 9th will be paid a dividend of $0.24 per share. This is a boost from AZZ's previous quarterly dividend of $0.20. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, July 9th. AZZ's payout ratio is presently 14.63%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AZZ. Robert W. Baird increased their price target on AZZ from $125.00 to $155.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Weiss Ratings downgraded AZZ from a "buy (b+)" rating to a "buy (b)" rating in a research report on Thursday, July 9th. B. Riley Financial upped their target price on AZZ from $169.00 to $170.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Wall Street Zen downgraded AZZ from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Finally, Wells Fargo & Company raised their price target on AZZ from $138.00 to $144.00 and gave the stock an "equal weight" rating in a research note on Friday, July 10th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $155.25.

AZZ Profile

AZZ Inc, incorporated in 1956 and headquartered in Fort Worth, Texas, is a leading provider of galvanizing and metal finishing solutions alongside electrical equipment and services. The company supports a diverse range of industries—such as energy, infrastructure, heavy equipment and general industrial markets—by delivering corrosion protection and high-performance electrical solutions designed for demanding environments.

AZZ operates two primary business segments. The Global Coatings & Services segment offers hot-dip galvanizing, metal finishing, painting, powder coating and related value-added services to steel fabricators and original equipment manufacturers.

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