Tectonic Advisors LLC Raises Stock Position in AZZ Inc. $AZZ

Key Points

• Tectonic Advisors LLC increased its position in AZZ Inc. by 61.8% in the second quarter, now holding 10,329 shares valued at approximately $976,000.
• AZZ Inc. reported a quarterly earnings per share (EPS) of $1.55, slightly below the consensus estimate of $1.56, with revenues of $417.28 million.
• The company declared a quarterly dividend of $0.20 per share, with a dividend yield of 0.8%, to be paid on November 6th.

Tectonic Advisors LLC boosted its holdings in AZZ Inc. (NYSE:AZZ - Free Report) by 61.8% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 10,329 shares of the industrial products company's stock after buying an additional 3,947 shares during the period. Tectonic Advisors LLC's holdings in AZZ were worth $976,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. GAMMA Investing LLC grew its position in shares of AZZ by 39.6% during the second quarter. GAMMA Investing LLC now owns 374 shares of the industrial products company's stock valued at $35,000 after purchasing an additional 106 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of AZZ by 2.8% in the 1st quarter. Hsbc Holdings PLC now owns 4,220 shares of the industrial products company's stock valued at $353,000 after acquiring an additional 113 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of AZZ by 4.2% in the 1st quarter. Cerity Partners LLC now owns 3,606 shares of the industrial products company's stock valued at $302,000 after acquiring an additional 146 shares during the last quarter. Oliver Luxxe Assets LLC lifted its holdings in shares of AZZ by 1.0% in the 1st quarter. Oliver Luxxe Assets LLC now owns 17,528 shares of the industrial products company's stock valued at $1,466,000 after acquiring an additional 176 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in shares of AZZ by 110.0% in the 1st quarter. Signaturefd LLC now owns 399 shares of the industrial products company's stock valued at $33,000 after acquiring an additional 209 shares during the last quarter. Hedge funds and other institutional investors own 90.93% of the company's stock.

AZZ Stock Down 4.8%

Shares of NYSE AZZ opened at $100.86 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.51 and a quick ratio of 1.10. The company has a market cap of $3.03 billion, a P/E ratio of 9.70 and a beta of 1.30. AZZ Inc. has a 1 year low of $70.90 and a 1 year high of $119.95. The firm has a 50-day simple moving average of $112.21 and a two-hundred day simple moving average of $99.14.

AZZ (NYSE:AZZ - Get Free Report) last announced its quarterly earnings data on Wednesday, October 8th. The industrial products company reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.56 by ($0.01). The firm had revenue of $417.28 million during the quarter, compared to the consensus estimate of $428.14 million. AZZ had a return on equity of 15.71% and a net margin of 19.69%.The firm's revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.37 EPS. Research analysts anticipate that AZZ Inc. will post 5.13 earnings per share for the current year.

AZZ Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Stockholders of record on Thursday, October 16th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, October 16th. AZZ's payout ratio is currently 9.27%.

Insider Activity

In other news, CEO Thomas E. Ferguson sold 26,516 shares of AZZ stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $110.85, for a total transaction of $2,939,298.60. Following the completion of the sale, the chief executive officer owned 183,182 shares of the company's stock, valued at approximately $20,305,724.70. The trade was a 12.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Bryan Lee Stovall sold 5,000 shares of AZZ stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $111.60, for a total transaction of $558,000.00. Following the sale, the chief operating officer directly owned 22,709 shares of the company's stock, valued at $2,534,324.40. This represents a 18.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,837 shares of company stock valued at $5,195,318. Corporate insiders own 1.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Robert W. Baird increased their price target on shares of AZZ from $110.00 to $120.00 and gave the company a "neutral" rating in a report on Friday, August 15th. B. Riley increased their price target on shares of AZZ from $131.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Zacks Research downgraded shares of AZZ from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. Evercore ISI increased their price target on shares of AZZ from $90.00 to $108.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Finally, Wells Fargo & Company raised shares of AZZ to a "strong-buy" rating in a report on Thursday, August 14th. Three investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, AZZ has an average rating of "Buy" and a consensus price target of $116.43.

AZZ Profile

AZZ Inc provides hot-dip galvanizing and coil coating solutions in North America. It offers metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating to steel fabrication and other industries, as well as to fabricators or manufacturers that provide services to the transmission and distribution, bridge and highway, petrochemical, and general industrial markets; and original equipment manufacturers.

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