AZZ Inc. $AZZ Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its position in AZZ Inc. (NYSE:AZZ) by 36.4% in the fourth quarter, Holdings Channel reports. The firm owned 22,905 shares of the industrial products company’s stock after purchasing an additional 6,107 shares during the quarter. State of Alaska Department of Revenue’s holdings in AZZ were worth $2,453,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of AZZ. Royal Bank of Canada grew its stake in AZZ by 8.8% in the first quarter. Royal Bank of Canada now owns 12,619 shares of the industrial products company’s stock worth $1,055,000 after purchasing an additional 1,024 shares in the last quarter. AQR Capital Management LLC grew its stake in AZZ by 26.2% in the first quarter. AQR Capital Management LLC now owns 6,213 shares of the industrial products company’s stock worth $519,000 after purchasing an additional 1,290 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in AZZ by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,488 shares of the industrial products company’s stock worth $1,462,000 after purchasing an additional 771 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in AZZ by 21.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,076 shares of the industrial products company’s stock worth $7,030,000 after purchasing an additional 14,965 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in AZZ by 185.9% in the first quarter. Jane Street Group LLC now owns 51,122 shares of the industrial products company’s stock worth $4,274,000 after purchasing an additional 33,238 shares in the last quarter. 90.93% of the stock is currently owned by institutional investors and hedge funds.

AZZ Stock Performance

Shares of AZZ stock opened at $137.38 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.66 and a debt-to-equity ratio of 0.41. The business has a 50 day moving average of $130.38 and a two-hundred day moving average of $116.36. AZZ Inc. has a 52 week low of $74.00 and a 52 week high of $141.18. The company has a market cap of $4.10 billion, a P/E ratio of 12.91 and a beta of 1.15.

AZZ declared that its Board of Directors has approved a share buyback plan on Friday, January 30th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the industrial products company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

AZZ Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Thursday, April 23rd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Thursday, April 23rd. AZZ’s payout ratio is presently 7.52%.

Insider Buying and Selling

In other AZZ news, CEO Thomas E. Ferguson sold 25,000 shares of AZZ stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $127.29, for a total value of $3,182,250.00. Following the completion of the transaction, the chief executive officer directly owned 158,182 shares in the company, valued at $20,134,986.78. The trade was a 13.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Tara D. Mackey sold 2,923 shares of AZZ stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $136.00, for a total value of $397,528.00. Following the completion of the transaction, the insider owned 22,373 shares of the company’s stock, valued at approximately $3,042,728. The trade was a 11.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 30,713 shares of company stock valued at $3,933,104. 1.77% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of AZZ in a research note on Monday, December 29th. Robert W. Baird set a $125.00 price target on AZZ in a research note on Friday, January 9th. Wells Fargo & Company downgraded AZZ from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $127.00 to $132.00 in a research note on Monday, March 2nd. Wall Street Zen upgraded AZZ from a “hold” rating to a “buy” rating in a research note on Saturday, January 10th. Finally, Noble Financial reiterated an “outperform” rating on shares of AZZ in a research note on Tuesday, February 17th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.00.

AZZ Company Profile

AZZ Inc, incorporated in 1956 and headquartered in Fort Worth, Texas, is a leading provider of galvanizing and metal finishing solutions alongside electrical equipment and services. The company supports a diverse range of industries—such as energy, infrastructure, heavy equipment and general industrial markets—by delivering corrosion protection and high-performance electrical solutions designed for demanding environments.

AZZ operates two primary business segments. The Global Coatings & Services segment offers hot-dip galvanizing, metal finishing, painting, powder coating and related value-added services to steel fabricators and original equipment manufacturers.