The Manufacturers Life Insurance Company Boosts Stock Position in AZZ Inc. (NYSE:AZZ)

The Manufacturers Life Insurance Company increased its stake in AZZ Inc. (NYSE:AZZ) by 22.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,972 shares of the industrial products company’s stock after buying an additional 2,892 shares during the period. The Manufacturers Life Insurance Company owned 0.05% of AZZ worth $1,234,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Financial Synergies Wealth Advisors Inc. purchased a new stake in AZZ during the 1st quarter valued at $32,000. CWM LLC boosted its stake in AZZ by 69.4% during the 2nd quarter. CWM LLC now owns 459 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 188 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in AZZ during the 2nd quarter valued at $52,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in AZZ during the 2nd quarter valued at $67,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in AZZ during the 2nd quarter valued at $72,000. Hedge funds and other institutional investors own 90.93% of the company’s stock.

AZZ Stock Performance

AZZ stock opened at $77.88 on Friday. AZZ Inc. has a 1 year low of $44.83 and a 1 year high of $88.67. The stock’s fifty day moving average price is $78.87 and its 200-day moving average price is $78.76. The company has a market cap of $2.32 billion, a P/E ratio of 60.84, a price-to-earnings-growth ratio of 1.18 and a beta of 1.23. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.89 and a quick ratio of 1.28.

AZZ (NYSE:AZZ) last announced its earnings results on Wednesday, October 9th. The industrial products company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.05. AZZ had a return on equity of 18.19% and a net margin of 7.63%. The company had revenue of $409.01 million for the quarter, compared to analysts’ expectations of $409.50 million. During the same period last year, the firm earned $1.27 EPS. AZZ’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts forecast that AZZ Inc. will post 4.95 earnings per share for the current year.

AZZ Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.68 dividend on an annualized basis and a yield of 0.87%. AZZ’s dividend payout ratio is currently 53.13%.

Analyst Upgrades and Downgrades

Several analysts have commented on AZZ shares. B. Riley increased their target price on AZZ from $89.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Baird R W upgraded AZZ to a “hold” rating in a research note on Tuesday, July 23rd. Evercore ISI began coverage on AZZ in a research note on Friday, June 14th. They set an “outperform” rating and a $90.00 target price on the stock. Robert W. Baird began coverage on AZZ in a research note on Tuesday, July 23rd. They issued a “neutral” rating and a $90.00 price target on the stock. Finally, Wolfe Research began coverage on AZZ in a research note on Wednesday, July 31st. They issued a “peer perform” rating on the stock. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, AZZ has a consensus rating of “Moderate Buy” and a consensus target price of $95.80.

Insider Buying and Selling

In related news, insider Tara D. Mackey sold 331 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $83.50, for a total value of $27,638.50. Following the transaction, the insider now directly owns 34,229 shares of the company’s stock, valued at approximately $2,858,121.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other AZZ news, insider Tara D. Mackey sold 331 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $83.50, for a total transaction of $27,638.50. Following the sale, the insider now directly owns 34,229 shares of the company’s stock, valued at $2,858,121.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Bryan Lee Stovall sold 14,545 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $84.79, for a total value of $1,233,270.55. Following the sale, the chief operating officer now directly owns 20,000 shares in the company, valued at approximately $1,695,800. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

AZZ Company 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.