AZZ Inc. $AZZ Stock Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its holdings in shares of AZZ Inc. (NYSE:AZZ) by 39.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,902 shares of the industrial products company’s stock after selling 68,812 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AZZ were worth $14,205,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Kilter Group LLC acquired a new position in AZZ during the second quarter worth about $33,000. Allworth Financial LP acquired a new stake in shares of AZZ in the second quarter valued at approximately $60,000. Integrated Wealth Concepts LLC purchased a new position in shares of AZZ during the 2nd quarter worth approximately $66,000. Harbor Investment Advisory LLC purchased a new position in shares of AZZ during the 2nd quarter worth approximately $67,000. Finally, Covestor Ltd increased its stake in shares of AZZ by 143.2% during the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock worth $62,000 after purchasing an additional 272 shares in the last quarter. 90.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on AZZ shares. Robert W. Baird decreased their price objective on AZZ from $155.00 to $150.00 and set a “neutral” rating on the stock in a research note on Thursday, October 15th. Weiss Ratings reissued a “buy (b)” rating on shares of AZZ in a research note on Tuesday, October 6th. Wall Street Zen upgraded shares of AZZ from a “hold” rating to a “buy” rating in a report on Saturday, October 17th. B. Riley Financial upped their target price on shares of AZZ from $170.00 to $174.00 and gave the company a “buy” rating in a report on Thursday, October 15th. Finally, Barclays raised their price target on shares of AZZ from $140.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 15th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $153.20.

AZZ Price Performance

AZZ stock opened at $133.40 on Friday. AZZ Inc. has a 52-week low of $94.61 and a 52-week high of $162.20. The stock’s fifty day simple moving average is $135.15 and its 200-day simple moving average is $138.46. The company has a quick ratio of 1.27, a current ratio of 1.79 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of 24.04 and a beta of 1.17.

AZZ (NYSE:AZZ) last posted its quarterly earnings results on Tuesday, October 13th. The industrial products company reported $2.00 EPS for the quarter, beating the consensus estimate of $1.88 by $0.12. AZZ had a return on equity of 14.85% and a net margin of 9.59%. The company had revenue of $486.89 million during the quarter, compared to analysts’ expectations of $467.14 million. During the same quarter in the previous year, the business earned $1.55 EPS. The firm’s revenue was up 16.7% on a year-over-year basis. AZZ has set its FY 2027 guidance at 7.000-7.300 EPS. Equities research analysts expect that AZZ Inc. will post 7.16 EPS for the current year.

AZZ Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 5th. Investors of record on Monday, October 19th were given a $0.24 dividend. The ex-dividend date of this dividend was Monday, October 19th. This represents a $0.96 annualized dividend and a dividend yield of 0.7%. AZZ’s dividend payout ratio (DPR) is currently 17.30%.

AZZ Profile

AZZ Inc. provides metal coating services to steel fabricators and other customers. Its services include hot-dip galvanizing, which helps protect steel from corrosion, as well as other coating and finishing processes. The company also operates coil-coating facilities that apply protective and decorative finishes to steel and aluminum products. These materials serve markets including construction, transportation and appliances. AZZ focuses on metal coatings in North America. In 2023, it sold its electrical infrastructure solutions business to Nucor and shifted its focus to its metal-coating operations.