Pictet Asset Management Holding SA Cuts Stock Position in A. O. Smith Corporation $AOS

Key Points

• Pictet Asset Management cut its stake in A. O. Smith by 10.9% in Q4, selling 267,193 shares and finishing the period with 2,186,659 shares (about 1.57% of the company) valued at roughly $146.3 million.
• Analysts have trimmed expectations recently — Goldman Sachs lowered its target to $61 and rated the stock "sell," Citigroup cut to $74 ("neutral"), and the consensus is a "Hold" with a $74.89 target (2 Buy, 7 Hold, 1 Sell).
• A. O. Smith declared a quarterly dividend of $0.36 per share (annualized $1.44), with an ex-dividend date of April 30 and an implied yield of about 2.2%.

Pictet Asset Management Holding SA lessened its stake in A. O. Smith Corporation (NYSE:AOS - Free Report) by 10.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,186,659 shares of the industrial products company's stock after selling 267,193 shares during the period. Pictet Asset Management Holding SA owned 1.57% of A. O. Smith worth $146,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. WealthPLAN Partners LLC grew its stake in A. O. Smith by 1.3% in the third quarter. WealthPLAN Partners LLC now owns 12,080 shares of the industrial products company's stock valued at $887,000 after purchasing an additional 158 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in A. O. Smith by 17.3% in the third quarter. EverSource Wealth Advisors LLC now owns 1,130 shares of the industrial products company's stock valued at $83,000 after purchasing an additional 167 shares during the last quarter. True Wealth Design LLC grew its stake in A. O. Smith by 37.8% in the third quarter. True Wealth Design LLC now owns 613 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 168 shares during the last quarter. Allworth Financial LP grew its stake in A. O. Smith by 24.8% in the third quarter. Allworth Financial LP now owns 871 shares of the industrial products company's stock valued at $64,000 after purchasing an additional 173 shares during the last quarter. Finally, Fiduciary Trust Co grew its stake in A. O. Smith by 5.0% in the third quarter. Fiduciary Trust Co now owns 4,072 shares of the industrial products company's stock valued at $299,000 after purchasing an additional 193 shares during the last quarter. Hedge funds and other institutional investors own 76.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Citigroup cut their target price on A. O. Smith from $78.00 to $74.00 and set a "neutral" rating on the stock in a research note on Monday, April 13th. The Goldman Sachs Group cut their target price on A. O. Smith from $69.00 to $61.00 and set a "sell" rating on the stock in a research note on Monday, April 13th. Wall Street Zen lowered A. O. Smith from a "buy" rating to a "hold" rating in a research note on Saturday, February 14th. Robert W. Baird set a $77.00 target price on A. O. Smith in a research note on Friday, January 30th. Finally, Jefferies Financial Group set a $75.00 target price on A. O. Smith and gave the company a "hold" rating in a research note on Friday, January 9th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $74.89.

Insider Buying and Selling at A. O. Smith

In related news, SVP Darrell W. Schuh sold 1,104 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $74.39, for a total value of $82,126.56. Following the sale, the senior vice president owned 2,201 shares in the company, valued at $163,732.39. This represents a 33.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.50% of the company's stock.

A. O. Smith Price Performance

Shares of AOS stock opened at $64.75 on Tuesday. A. O. Smith Corporation has a fifty-two week low of $62.14 and a fifty-two week high of $81.86. The firm has a market capitalization of $8.95 billion, a price-to-earnings ratio of 16.77, a PEG ratio of 1.35 and a beta of 1.35. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.94 and a current ratio of 1.50. The stock's 50-day simple moving average is $68.60 and its 200-day simple moving average is $69.07.

A. O. Smith (NYSE:AOS - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The industrial products company reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.84 by $0.06. A. O. Smith had a return on equity of 29.51% and a net margin of 14.26%.The business had revenue of $912.50 million for the quarter, compared to analyst estimates of $928.97 million. During the same quarter in the previous year, the firm earned $0.85 earnings per share. The company's revenue was up .0% on a year-over-year basis. As a group, equities analysts forecast that A. O. Smith Corporation will post 3.98 earnings per share for the current fiscal year.

A. O. Smith Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, April 30th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.2%. A. O. Smith's payout ratio is presently 37.31%.

About A. O. Smith

A. O. Smith Corporation, based in Milwaukee, Wisconsin, is a leading manufacturer of water heating and water treatment products for residential and commercial applications. Since its founding in 1874, the company has built a reputation for producing reliable, energy-efficient water heaters, boilers and pressure vessels. Its product portfolio encompasses gas, electric, condensing and tankless water heaters, as well as specialty boilers designed to meet a variety of building and industrial needs.

The company operates through two primary segments: North America and Asia.

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