Procyon Advisors LLC Acquires Shares of 3,099 AZZ Inc. (NYSE:AZZ)

Procyon Advisors LLC bought a new position in shares of AZZ Inc. (NYSE:AZZ) in the third quarter, Holdings Channel reports. The institutional investor bought 3,099 shares of the industrial products company’s stock, valued at approximately $256,000.

Several other hedge funds have also recently modified their holdings of AZZ. CWM LLC increased its stake in AZZ by 69.4% during the 2nd quarter. CWM LLC now owns 459 shares of the industrial products company’s stock worth $35,000 after buying an additional 188 shares in the last quarter. Claro Advisors LLC raised its stake in AZZ by 7.7% in the 2nd quarter. Claro Advisors LLC now owns 3,298 shares of the industrial products company’s stock valued at $255,000 after purchasing an additional 236 shares during the last quarter. FSC Wealth Advisors LLC raised its stake in AZZ by 38.6% in the 2nd quarter. FSC Wealth Advisors LLC now owns 951 shares of the industrial products company’s stock valued at $73,000 after purchasing an additional 265 shares during the last quarter. Texas Permanent School Fund Corp lifted its holdings in AZZ by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 21,947 shares of the industrial products company’s stock valued at $1,697,000 after purchasing an additional 284 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in AZZ by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 5,010 shares of the industrial products company’s stock worth $387,000 after purchasing an additional 344 shares during the last quarter. Institutional investors and hedge funds own 90.93% of the company’s stock.

AZZ Trading Up 1.9 %

AZZ opened at $80.89 on Thursday. The stock has a market capitalization of $2.41 billion, a PE ratio of 75.60, a P/E/G ratio of 1.18 and a beta of 1.23. AZZ Inc. has a one year low of $44.83 and a one year high of $88.67. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 1.89. The business’s 50 day moving average price is $79.32 and its 200 day moving average price is $78.84.

AZZ (NYSE:AZZ) last announced its quarterly earnings results on Wednesday, October 9th. The industrial products company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.32 by $0.05. The business had revenue of $409.01 million for the quarter, compared to analyst estimates of $409.50 million. AZZ had a return on equity of 18.19% and a net margin of 7.63%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.27 EPS. As a group, equities research analysts expect that AZZ Inc. will post 4.95 EPS for the current year.

AZZ Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Friday, October 18th. AZZ’s dividend payout ratio (DPR) is 63.55%.

Wall Street Analyst Weigh In

AZZ has been the topic of several research reports. Robert W. Baird assumed coverage on shares of AZZ in a research note on Tuesday, July 23rd. They issued a “neutral” rating and a $90.00 price target on the stock. Wolfe Research initiated coverage on shares of AZZ in a research note on Wednesday, July 31st. They issued a “peer perform” rating on the stock. Baird R W upgraded AZZ to a “hold” rating in a research report on Tuesday, July 23rd. Finally, B. Riley lifted their price objective on AZZ from $89.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $95.80.

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.