AZZ (NYSE:AZZ) Downgraded by Zacks Investment Research to “Hold”

AZZ (NYSE:AZZ) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “AZZ Inc. is a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world’s infrastructure. AZZ Metal Coatings is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide. “

AZZ traded up $0.75 during trading on Wednesday, reaching $52.16. The stock had a trading volume of 118,432 shares, compared to its average volume of 127,570. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 23.71 and a beta of 1.53. The company has a quick ratio of 1.79, a current ratio of 2.55 and a debt-to-equity ratio of 0.29. AZZ has a 1-year low of $32.51 and a 1-year high of $57.85. The stock has a 50 day moving average of $52.74 and a two-hundred day moving average of $52.56.

AZZ (NYSE:AZZ) last announced its quarterly earnings data on Thursday, July 8th. The industrial products company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.26. AZZ had a return on equity of 11.47% and a net margin of 6.59%. The company had revenue of $229.80 million during the quarter, compared to the consensus estimate of $223.69 million. During the same quarter in the prior year, the firm earned $0.21 EPS. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, research analysts forecast that AZZ will post 3.04 EPS for the current fiscal year.

In other AZZ news, insider Tara D. Mackey sold 1,050 shares of the business’s stock in a transaction on Friday, July 9th. The shares were sold at an average price of $57.58, for a total transaction of $60,459.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.05% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Eagle Bay Advisors LLC acquired a new position in shares of AZZ in the second quarter worth $35,000. PNC Financial Services Group Inc. increased its position in AZZ by 19.0% during the second quarter. PNC Financial Services Group Inc. now owns 1,245 shares of the industrial products company’s stock worth $64,000 after buying an additional 199 shares during the last quarter. Captrust Financial Advisors increased its position in AZZ by 2,880.0% during the first quarter. Captrust Financial Advisors now owns 1,639 shares of the industrial products company’s stock worth $83,000 after buying an additional 1,584 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in AZZ during the first quarter worth $200,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in AZZ during the first quarter worth $209,000. 87.60% of the stock is currently owned by institutional investors and hedge funds.

About AZZ

AZZ Inc engages in the provision of galvanizing and metal coating solutions, welding solutions, specialty electrical equipment, and highly engineered services to the power generation, transmission, distribution, refining, and industrial markets. It operates through the Metal Coatings and Infrastructure Solutions segments.

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