Nuveen LLC Buys New Holdings in A. O. Smith Corporation $AOS

Key Points

• Nuveen LLC acquired a new position in A. O. Smith Corporation, purchasing 290,254 shares valued at approximately $18.97 million, representing about 0.20% of the company.
• A. O. Smith announced a quarterly dividend of $0.34 per share, with a current yield of 1.9% and a payout ratio of 37.88%.
• Despite a 1.3% decline in quarterly revenue compared to the prior year, the company reported earnings per share of $1.07, exceeding analyst estimates.

Nuveen LLC acquired a new position in A. O. Smith Corporation (NYSE:AOS - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 290,254 shares of the industrial products company's stock, valued at approximately $18,971,000. Nuveen LLC owned approximately 0.20% of A. O. Smith at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Impax Asset Management Group plc grew its stake in A. O. Smith by 67.3% in the 1st quarter. Impax Asset Management Group plc now owns 5,188,561 shares of the industrial products company's stock valued at $339,124,000 after buying an additional 2,086,433 shares during the last quarter. Sarasin & Partners LLP bought a new stake in A. O. Smith during the first quarter valued at about $74,180,000. Voloridge Investment Management LLC grew its stake in shares of A. O. Smith by 242.8% in the fourth quarter. Voloridge Investment Management LLC now owns 627,282 shares of the industrial products company's stock worth $42,787,000 after acquiring an additional 444,307 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its position in A. O. Smith by 4,238.7% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 383,195 shares of the industrial products company's stock worth $25,046,000 after buying an additional 374,363 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of A. O. Smith by 133.0% during the fourth quarter. Millennium Management LLC now owns 547,410 shares of the industrial products company's stock valued at $37,339,000 after purchasing an additional 312,492 shares during the period. Institutional investors own 76.10% of the company's stock.

Insiders Place Their Bets

In related news, Chairman Kevin J. Wheeler sold 22,200 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $71.26, for a total transaction of $1,581,972.00. Following the completion of the transaction, the chairman directly owned 100,647 shares of the company's stock, valued at $7,172,105.22. This trade represents a 18.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.76% of the stock is owned by insiders.

A. O. Smith Price Performance

Shares of NYSE:AOS traded up $1.79 during midday trading on Friday, hitting $73.54. The stock had a trading volume of 674,080 shares, compared to its average volume of 1,211,578. The company's 50-day moving average price is $69.12 and its 200-day moving average price is $67.01. A. O. Smith Corporation has a fifty-two week low of $58.83 and a fifty-two week high of $92.06. The company has a quick ratio of 1.03, a current ratio of 1.65 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $10.31 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 1.56 and a beta of 1.22.

A. O. Smith (NYSE:AOS - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The industrial products company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.10. A. O. Smith had a net margin of 13.68% and a return on equity of 28.42%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $997.89 million. During the same quarter last year, the business posted $1.06 EPS. The firm's revenue for the quarter was down 1.3% on a year-over-year basis. A. O. Smith has set its FY 2025 guidance at 3.700-3.900 EPS. As a group, equities research analysts predict that A. O. Smith Corporation will post 3.76 EPS for the current fiscal year.

A. O. Smith Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a $0.34 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.36 annualized dividend and a dividend yield of 1.8%. A. O. Smith's payout ratio is currently 37.88%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. JPMorgan Chase & Co. assumed coverage on A. O. Smith in a report on Tuesday, June 24th. They issued a "neutral" rating and a $70.00 target price on the stock. Robert W. Baird increased their price target on shares of A. O. Smith from $76.00 to $82.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of A. O. Smith in a research report on Thursday, August 14th. UBS Group reiterated a "neutral" rating and set a $76.00 target price (up previously from $74.00) on shares of A. O. Smith in a report on Monday, July 28th. Finally, Oppenheimer boosted their price objective on shares of A. O. Smith from $82.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, A. O. Smith presently has a consensus rating of "Hold" and an average target price of $77.43.

About A. O. Smith

A. O. Smith Corporation manufactures and markets residential and commercial gas and electric water heaters, boilers, heat pumps, tanks, and water treatment products in North America, China, Europe, and India. The company offers water heaters for residences, restaurants, hotels, office buildings, laundries, car washes, and small businesses; boilers for hospitals, schools, hotels, and other large commercial buildings, as well as homes, apartments, and condominiums; and water treatment products comprising point-of-entry water softeners, well water solutions, and whole-home water filtration products, and point-of-use carbon and reverse osmosis products for residences, restaurants, hotels, and offices.