BlackRock Inc. Invests $719.88 Million in AZZ Inc. $AZZ

Key Points

• BlackRock acquired a 15.45% stake in AZZ, purchasing 4.64 million shares valued at approximately $719.9 million during the second quarter. Institutional investors collectively own 90.93% of the company.
• AZZ reported quarterly EPS of $1.85, exceeding estimates of $1.80, while revenue rose 6.3% year over year to $448.5 million. The company also increased its quarterly dividend from $0.20 to $0.24 per share.
• AZZ shares opened at $141.30, while analysts maintain a “Moderate Buy” consensus with an average price target of $155.25. Two company COOs recently sold shares, and insiders own 1.70% of the stock.

BlackRock Inc. acquired a new stake in shares of AZZ Inc. (NYSE:AZZ - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 4,642,862 shares of the industrial products company's stock, valued at approximately $719,876,000. BlackRock Inc. owned approximately 15.45% of AZZ as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hantz Financial Services Inc. grew its holdings in AZZ by 92.5% during the 4th quarter. Hantz Financial Services Inc. now owns 258 shares of the industrial products company's stock worth $28,000 after acquiring an additional 124 shares during the last quarter. Osterweis Capital Management Inc. acquired a new position in AZZ in the 2nd quarter valued at approximately $30,000. Kestra Advisory Services LLC bought a new position in shares of AZZ during the fourth quarter valued at $38,000. Clearstead Advisors LLC raised its stake in shares of AZZ by 184.3% during the fourth quarter. Clearstead Advisors LLC now owns 361 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 234 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of AZZ by 55.9% during the fourth quarter. Fifth Third Bancorp now owns 382 shares of the industrial products company's stock worth $41,000 after purchasing an additional 137 shares during the period. Institutional investors and hedge funds own 90.93% of the company's stock.

Insider Transactions at AZZ

In related news, COO Bryan Lee Stovall sold 2,677 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $150.07, for a total transaction of $401,737.39. Following the transaction, the chief operating officer directly owned 35,000 shares of the company's stock, valued at approximately $5,252,450. This represents a 7.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeffrey Vellines sold 4,220 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $153.55, for a total value of $647,981.00. Following the completion of the transaction, the chief operating officer owned 1,834 shares in the company, valued at approximately $281,610.70. The trade was a 69.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.70% of the company's stock.

AZZ Stock Up 1.3%

Shares of NYSE:AZZ opened at $141.30 on Friday. AZZ Inc. has a 1 year low of $92.98 and a 1 year high of $162.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.92 and a quick ratio of 1.39. The business's 50-day moving average is $150.01 and its 200-day moving average is $140.07. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of 21.54 and a beta of 1.12.

AZZ (NYSE:AZZ - Get Free Report) last posted its quarterly earnings results on Wednesday, July 8th. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, topping 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 period in the prior year, the business earned $1.78 EPS. The company'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. Equities research analysts predict that AZZ Inc. will post 6.93 earnings per share for the current year.

AZZ Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 30th. Stockholders of record on Thursday, July 9th were paid a $0.24 dividend. The ex-dividend date was Thursday, July 9th. This represents a $0.96 annualized dividend and a dividend yield of 0.7%. This is a boost from AZZ's previous quarterly dividend of $0.20. AZZ's dividend payout ratio (DPR) is 14.63%.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Wall Street Zen cut shares of AZZ from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Evercore reaffirmed an "outperform" rating and set a $152.00 target price on shares of AZZ in a research report on Monday, April 27th. B. Riley Financial lifted their target price on AZZ from $169.00 to $170.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Wells Fargo & Company upped their price target on AZZ from $138.00 to $144.00 and gave the company an "equal weight" rating in a research report on Friday, July 10th. Finally, Weiss Ratings cut AZZ from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday, July 9th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding AZZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AZZ Inc. (NYSE:AZZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source