California State Teachers Retirement System Has $778.36 Million Holdings in AZZ Inc. $AZZ

Key Points

• California State Teachers Retirement System increased its AZZ holdings by 15,515% in the second quarter, acquiring nearly 5 million additional shares. It now owns about 16.7% of the company, valued at $778.36 million.
• AZZ reported quarterly earnings of $1.85 per share and revenue of $448.53 million, exceeding analyst estimates, while revenue grew 6.3% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $155.25. AZZ also raised its quarterly dividend to $0.24 per share, implying a 0.7% yield.

California State Teachers Retirement System grew its holdings in AZZ Inc. (NYSE:AZZ - Free Report) by 15,515.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,020,054 shares of the industrial products company's stock after purchasing an additional 4,987,905 shares during the quarter. California State Teachers Retirement System owned about 16.70% of AZZ worth $778,359,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Royal Bank of Canada raised its stake in shares of AZZ by 8.8% in the first quarter. Royal Bank of Canada now owns 12,619 shares of the industrial products company's stock worth $1,055,000 after acquiring an additional 1,024 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of AZZ by 26.2% during the first quarter. AQR Capital Management LLC now owns 6,213 shares of the industrial products company's stock valued at $519,000 after purchasing an additional 1,290 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of AZZ by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,488 shares of the industrial products company's stock valued at $1,462,000 after purchasing an additional 771 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of AZZ by 21.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,076 shares of the industrial products company's stock valued at $7,030,000 after purchasing an additional 14,965 shares in the last quarter. Finally, Jane Street Group LLC raised its position in AZZ by 185.9% in the 1st quarter. Jane Street Group LLC now owns 51,122 shares of the industrial products company's stock worth $4,274,000 after purchasing an additional 33,238 shares during the last quarter. Institutional investors own 90.93% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on AZZ shares. Weiss Ratings lowered AZZ from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday, July 9th. Wells Fargo & Company lifted their price objective on AZZ from $138.00 to $144.00 and gave the stock an "equal weight" rating in a research report on Friday, July 10th. B. Riley Financial boosted their price objective on AZZ from $169.00 to $170.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Finally, Wall Street Zen lowered shares of AZZ from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, AZZ has an average rating of "Moderate Buy" and an average target price of $155.25.

AZZ Stock Down 0.1%

AZZ stock opened at $136.90 on Monday. 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 stock has a market capitalization of $4.11 billion, a P/E ratio of 20.87 and a beta of 1.11. The business has a 50-day moving average of $145.32 and a 200-day moving average of $140.60. AZZ Inc. has a fifty-two week low of $92.98 and a fifty-two week high of $162.20.

AZZ (NYSE:AZZ - Get Free Report) last released 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. The business had revenue of $448.53 million during the quarter, compared to the consensus estimate of $434.58 million. AZZ had a net margin of 11.83% and a return on equity of 14.18%. The firm's revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.78 earnings per share. AZZ has set its FY 2027 guidance at 6.750-7.150 EPS. On average, sell-side analysts anticipate that AZZ Inc. will post 6.93 earnings per share for the current fiscal year.

AZZ Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 30th. Stockholders of record on Thursday, July 9th were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, July 9th. This is a positive change 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%. AZZ's payout ratio is 14.63%.

Insider Activity at AZZ

In other AZZ news, COO Bryan Lee Stovall sold 2,677 shares of the firm's stock in a transaction 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 completion of the sale, the chief operating officer owned 35,000 shares of the company's stock, valued at $5,252,450. This trade represents a 7.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jeffrey Vellines sold 4,220 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $153.55, for a total transaction of $647,981.00. Following the sale, the chief operating officer owned 1,834 shares of the company's stock, valued at approximately $281,610.70. This represents a 69.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.70% of the company's stock.

AZZ Profile

AZZ Inc NYSE: AZZ is a provider of metal coating and coil coating solutions serving industrial and infrastructure markets. The company's Metal Coatings segment offers hot-dip galvanizing, powder coating, anodizing and related finishing services designed to protect steel and other metal products from corrosion and extend their service life.

Through its Precoat Metals business, AZZ provides continuous coil coating services for flat-rolled steel and aluminum. Its coatings are used in products and applications including building materials, transportation equipment, appliances, consumer goods, packaging and other manufactured components.

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